OGCI: Leading Oil & Gas’ Response to Climate Change
Fossil fuels — coal, oil and gas — are by far the largest contributor to global climate change, contributing for more than 75% of global greenhouse gas emissions, according to the United Nations (UN).
It also accounts for almost 90% of all carbon dioxide emissions.
Taking action is the Oil and Gas Climate Initiative (OGCI), a body made up of industry leaders that stands at the forefront of the energy industry’s response to climate change.
OGCI celebrates 10 years
- Established: 2014
- HQ: London, UK
- Chair: Bjørn Otto Sverdrup
- Members: 12 of the world’s leading companies in oil and gas
OGCI is a CEO-led consortium of 12 of the world’s largest oil and gas companies’ CEOs, representing approximately 30% of global oil and gas production.
OGCI’s 12 member companies are:
- Aramco
- bp
- Chevron
- CNPC
- Eni
- Equinor
- ExxonMobil
- Occidental
- Petrobras
- Repsol
- Shell
- TotalEnergies
These 12 companies are united on the mission to accelerate the industry's response to climate change all while still meeting the world’s energy needs.
Bob Dudley, OGCI Chair and Leader of the CEO Steering Committee, says: “As CEOs of OGCI’s member companies, we support the goals of the Paris Agreement, limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C. And we recognise that there is a real urgency to act.
“This requires international collaboration, an energy transition and a reduction in greenhouse gas emissions from oil and gas.
“Over the past decade, OGCI has transformed from a conversation among CEOs into a group that drives ambition in the industry while supporting the hard daily work of decarbonisation.”
What has OPCI achieved?
Since 2017, OGCI member companies have collectively reduced upstream methane emissions by 50%, cut flaring by 45% and reduced upstream carbon intensity by 21%.
It has also initiated and motivated investment in low-carbon technologies, investing US$65bn in the likes of renewables, biofuels and carbon capture.
As well as this, OGCI member companies are involved in developing more than 40 carbon capture, utilisation and storage (CCUS) hub projects.
These hubs have the potential to eliminate around 300 million tonnes of CO₂ a year before the end of the decade, equivalent to removing emissions from 70 million passenger vehicles.
OGCI Chair Bjørn Otto Sverdrup says: “As OGCI marks 10 years of collective action, we’re proud of what we’ve done to help the industry decarbonise.
“We’ve shown what’s possible and we’re sharing what we’ve learned with companies outside our group to accelerate emissions reductions to achieve net zero.
“We have achieved a lot in a decade and we’ve set a benchmark for the rest of the industry to strive for. But with 2023 the hottest year on record, it’s clear we must do more.
“Tackling the climate challenge will require all of us to move further and faster and working together is the way to achieve this.”
In celebration of 10 years of operations, OGCI celebrated some of its milestone achievements.
They are:
- Shaping and launching the Oil & Gas Decarbonization Charter (OGDC) at COP28: OGCI says this “critically important initiative mobilises even more of the oil and gas industry to decarbonise”
- OGCI’s flagship satellite monitoring campaign: This is already enabling partners and local operators to reduce their methane emissions
- OGCI’s methane intensity target: is now used as a benchmark of good practice and has helped change the way companies approach methane emissions
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