|ALC carbon outcome||Furthering research and technology to advance low carbon|
N/a - research and technology
No one company or sector alone can deliver a low carbon future. Instead, collaboration is needed to tackle the dual challenge of rising demand for energy while reducing emissions.
That’s why BP was one of the founding members of the voluntary, CEO-led Oil and Gas Climate Initiative (OGCI), which aims to increase the ambition, speed and scale of activities carried out by its individual companies to help reduce manmade greenhouse gas emissions. Launched in 2014, OGCI is currently made up of 13 oil and gas companies that pool expert knowledge and collaborate on action to reduce these emissions.
In 2018, OGCI members set a target to reduce the collective average methane intensity of their aggregated upstream gas and oil operations to below 0.25% by 2025, with the ambition to reach 0.2%. Starting from a baseline of 0.32%1 in 2017, reaching the 0.20% ambition would translate into greatly reducing our collective methane emissions by more than one-third – approximately 600,000 tonnes of methane annually – by the end of 2025.
OGCI’s investment arm – called OGCI Climate Investments and with a $1+ billion fund – also supports the development, use and scale-up of low emissions technologies and business models.