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  5. Collaborating to address climate change

Collaborating to address climate change

Meeting the climate challenge requires efforts by all – governments, companies and consumers. Working together can accelerate action. Here are just 10 of the initiatives in which BP is participating

OGCI

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.

Carbon Pricing Leadership Coalition

This group brings together senior representatives from government, the private sector and civil society to expand the use of carbon pricing. Its goal is to promote policies that can maintain competitiveness, create jobs, encourage innovation and deliver meaningful emissions reductions.

Climate and Clean Air Coalition – Oil and Gas Methane Partnership

Climate and Clean Air Coalition (CCAC) is committed to reducing short-lived climate pollutants. BP is a member of CCAC’s Oil and Gas Methane Partnership, which aims to reduce methane emissions in the oil and gas sector. Participating companies analyse sources of methane to evaluate cost-effective technologies for methane emissions reduction.

Methane Guiding Principles

BP is a signatory to a set of principles for reducing methane emissions across the natural gas value chain. The principles were developed by a coalition of industry, institutions, academics and NGOs – including Environmental Defense Fund, IEA, OGCI, Sustainable Gas Institute and UN Environment.

Climate Leadership Council

BP is a founding member of the Climate Leadership Council, which promotes a carbon dividends framework as the most effective, equitable and politically viable climate solution. The founding members include 11 global 150 companies from the energy, manufacturing, automotive, banking, consumer goods, food and beverage and healthcare sectors.

Ford and other vehicle and equipment manufacturers

BP works in partnership with manufacturers to achieve more efficient use of our products. In Europe, for example, Ford’s EcoBoost engines – used in the Fiesta, Focus, Mondeo and other models – are engineered with specially formulated advanced Castrol oils, which help to improve fuel efficiency and reduce emissions.

CO₂ Capture Project

This BP-operated joint partnership is developing and piloting technology and demonstrating safe and secure geological containment. This initiative was recognized in 2015 for its work in improving the understanding of the CCS life cycle.

Carbon Mitigation Initiative – Princeton University

This initiative brings together scientists, engineers and policy experts to design carbon mitigation strategies that are safe and effective as well as affordable. Their research covers carbon science, carbon technology, carbon integration and outreach.

Target Neutral

BP’s not-for-profit carbon offsetting business helps customers offset their personal and business carbon emissions. Target Neutral’s project portfolio enables customers to neutralize emissions by buying carbon credits, which support low carbon development projects around the world.

Zero Routine Flaring by 2030 initiative – World Bank

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.

Oil and Gas Climate Initiative announces progress towards methane target and new CCUS initiative to scale up actions towards climate goals

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.

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