Last week as Gastech came to a close in Barcelona, ExxonMobil, Chevron and Occidental Petroleum stepped up to join the Oil and Gas Climate Initiative (OGCI). "This is one of the strongest signs yet of how America's biggest oil companies, under pressure from investors and lawsuits, are joining most other US Corporations in working to reduce greenhouse-gas emissions despite (US) president (Donald) Trump reversing America's course on the matter," writes Amy Harder, with Axios, who broke the story.
The OGCI launched in 2014 with a group of peers that pool expert knowledge and collaboration on action to reduce greenhouse gas emissions. Prior to the recent addition of the three new members, the OGCI included Repsol, BP, ENO, Equinor, Shell, Total, Petrobras, Pemex, CNPC, and Saudi Aramco.
We first spoke about the work of the OGCI at HERWorld18: where you met its leader: Pratima Rangarajan, the master of transition. Earlier this year, 10 companies competed for USD $20 million to fund solutions with the power to disrupt how methane is managed, measured, and reduced.
With these additions, OGCI members now represent around 30% of the global oil and gas production and supply close to 20% of global energy consumption and represent regions in China, The Middle East, Latin America, Europe and now the United States. This represents a significant global action in the battle on lowering emissions and demonstrating widespread collaborative support of the Paris Agreement.
Each company commits $100 million dollars to the OGCI Climate Investments fund and will drive the work of the OGCI programs and its collective goals.
“Industry innovation and collaboration have a critical role to play in addressing climate change, and Occidental is excited to join OGCI’s efforts to create a lower-emissions world,” said Occidental President and CEO Vicki Hollub. “Occidental is advancing carbon dioxide enhanced oil recovery (CO2 EOR) as a form of carbon capture, utilization and sequestration (CCUS). We are the industry leader in this technology, which has the potential to help achieve global goals for reducing emissions and welcome the opportunity to work with OGCI to contribute to this critical effort.”
The announcement is just in time for this week's Climate Week in New York put on by the United Nations, the State of New York and The Climate Group. The OGCI will hold its annual meeting with stakeholders during Climate Week.
Illustration; (from left – right): Claudio Descalzi, CEO, Eni; Josu Jon Imaz, CEO Repsol; Amin Nasser, CEO Saudi Aramco; Bob Dudley, CEO BP; Ben van Beurden, CEO Shell; Eldar Sætre, CEO Statoil; Patrick Pouyanné, Chairman & CEO, Total at a previous OGCI CEO event (Image source: OGCI)