Oil and Gas Climate Initiative (OGCI), is a voluntary, CEO-led industry initiative to accelerate meaningful action on climate change through best practice sharing and collaboration. Launched in 2014, OGCI is made up of 13 oil and gas companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total. OGCI members have made progress on a collective 0.25% methane emissions intensity target for 2025, having reduced collective methane intensity by 9% in 2018. They are now working on a carbon intensity target to reduce the collective average carbon intensity of member companies’ aggregated upstream oil and gas operations in the same timeframe, through actions including increasing energy efficiency and minimizing flaring. OGCI has also pledged collective support for policies that attribute an explicit or implicit value to carbon. In September 2019, OGCI launched a new initiative to unlock large-scale investment in carbon capture, use and storage – a crucial tool for achieving net carbon emissions. OGCI’s CCUS KickStarter is designed to help decarbonize multiple global industrial hubs around the world and aspires to double the amount of carbon dioxide stored globally before 2030. This is in addition to OGCI Climate Investments, the organization’s $1bn investment arm, which supports the development, deployment and scale-up of low emissions technology and business models.
This initiative brings together governments, oil companies and development institutions that recognize that routine flaring is unsustainable from a resource management and environmental perspective. It aims to eliminate routine flaring from oil assets by the year 2030.
The Oil and Gas Climate Initiative (OGCI) has announced further initiatives to accelerate the reduction of greenhouse gas emissions and support the goals of the Paris Agreement, ahead of OGCI’s annual event in New York City.