In the past five years, seven leading oil and gas companies invested more than $19 billion in renewables. Those companies also spent more than $3 billion on research and development in low emissions technologies, and on average, 21% of 2016 R&D budgets were focused on low emissions technologies.
Those findings were revealed last week when world climate and energy leaders gathered to discuss key outcomes and progress from the Oil & Gas Climate Initiative's third year of work. The results, detailed in the initiative's 2017 report, are outlined in full here.
In addition to major investments from the energy industry, greenhouse gas emissions fell by 1% in 2016, according to data from seven OGCI members. And over the past decade, emissions have fallen by 17%, with a 9% drop in the past five years.
This year, the OGCI also decided to analyze existing climate scenarios out to 2100. “The value of these scenarios is not so much to predict what the world will look like a century ahead, but to help identify possible drivers of change, as well as the technology and policy levers that are relevant to achieving different outcomes,” according to the report.
Here are some other key milestones:
- The Oil & Gas Climate Initiative invested in a UK project that aims to develop a framework for the world’s first commercial-scale gas power plant with integrated CCUS and additional carbon transport and storage capacity. Potential impact: could remove 90% of carbon dioxide from the gas plant and store additional carbon dioxide from a range of other industries, if realized.
- OCGI helped to create a standardized methodology to classify storage capacity for carbon dioxide. Potential impact: could help to accelerate investment in CCUS by providing confidence on availability of aquifers for storage.
- OCGI invested in Solidia Technologies, a company that is using carbon dioxide in a novel concrete manufacturing process. Potential impact: could lower the carbon footprint of its concrete production by 70% and help nurture carbon dioxide recycling business models.
- OCGI is providing financial and technical backing for two major global studies of methane emissions from the natural gas value chain, one with UN Environment and the other with Imperial College London. Potential impact: could help identify new emission reduction initiatives and provide a scientific foundation to inform policy.
- OCGI invested in Achates Power, a company that is developing more efficient vehicle engines. Potential impact: could help lower greenhouse gas emissions from road transport.