The Oil and Gas Climate Initiative (OGCI) has made its first three investments, moving forward the organization’s commitments to spur the growth of promising low carbon technologies. (Earlier post.) OGCI Climate Investments is the $1-billion investment fund established last year by OGCI to invest in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions.
Launched in 2014, the Oil and Gas Climate Initiative is a voluntary, CEO-led initiative which aims to lead the industry response to climate change. OGCI currently comprises ten oil and gas companies. The three investments are:
Achates Power, which develops innovative high-efficiency opposed-piston engines with the potential to substantially reduce the greenhouse gas emissions produced by vehicles. With investment from OGCI Climate Investments, as part of a broader consortium alongside engine makers, Achates Power aims to accelerate its technology deployment worldwide. (Earlier post.)
Solidia Technologies, a US-based cement and concrete production company. Its patented technology allows for the production of cement in a way that generates fewer emissions. Solidia’s innovative technology has the potential to lower emissions in concrete production by up to 70% and water consumption by up to 80%.
A project that aims to design a full scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability. OGCI Climate Investments will work with the project team on a commercially viable concept and basic engineering design that can receive government support and attract private sector investors.
The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale.—Pratima Rangarajan, CEO of OGCI Climate Investments
OGCI is partnering with United Nations Environment and the Environmental Defense Fund to provide financial and technical backing for the world’s first global methane study to fill gaps in the identification and quantification of global methane emissions. This project has the potential to inform new policy and will help to identify new initiatives to reduce emissions.
OGCI is also working with Imperial College London on research that aims to provide a more accurate picture of total greenhouse gas emissions across the natural gas value chain, from well to distribution. This will identify emission hotspots that will allow OGCI to focus its efforts on areas that could bring the greatest benefits.
Looking ahead, OGCI will continue to focus on chosen key areas: accelerating the deployment of carbon capture, use and storage (CCUS); reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas; energy efficiency in transport; and the oil and gas value chain.