OGCI to invest $1 billion in low-emissions technologies

The Oil & Gas Climate Initiative (OGCI) plans to invest $1 billion over the next 10 years to develop and accelerate the commercial deployment of low-emissions technologies.

OGCI Climate Investments (OGCI CI) will aim to deploy new technologies among the 10-member oil and gas companies and beyond, and identify ways to cut the energy intensity of both transport and industry. OGCI CI believes the emission reduction impact can be multiplied across industries.

Through discussions with stakeholders and detailed technical work, OGCI has identified two initial focus areas: accelerating the deployment of carbon capture, use, and storage; and reducing methane emissions from the global oil and gas industry to maximize the climate benefits of natural gas. OGCI believes that these are areas where the oil and gas industry has meaningful influence and where its collaborative work can have the greatest impact.

OGCI CI also will make investments that support improving energy and operational efficiencies in energy-intensive industries, and it will work with manufacturers to increase energy efficiency in all modes of transportation.

A chief executive officer and management team for OGCI CI will be announced in the near future.

Established following discussions during the 2014 World Economic Forum Annual Meeting, OGCI member companies are BP PLC, China National Petroleum Corp., Eni SPA, Petroleos Mexicanos, Reliance Industries Ltd., Repsol SA, Royal Dutch Shell PLC, Saudi Aramco, Statoil ASA, and Total SA.

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