The Oil and Gas Climate Initiative (OGCI) has announced its first three investments, moving forward the organization’s commitments into concrete action to spur the growth of promising low carbon technologies.
Chief Executive Officers from OGCI’s member companies and the CEO of its investment arm, OGCI Climate Investments, are meeting in London to share key outcomes of OGCI’s third year of work. Some of the world’s climate and energy leaders – representing government, NGOs and international organizations – will join their discussion.
OGCI Climate Investments is the billion-dollar investment fund established last year by OGCI. The fund invests in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions. OGCI Climate Investments is building a network of partners and co-investors in key sectors to leverage the expertise of this global network.
Pratima Rangarajan, CEO of OGCI Climate Investments, said: “The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale.”
OGCI also releases its third annual report today, which shows the progress made towards tackling some of the industry’s biggest challenges and shares new partnership agreements that support OGCI’s ambitions.
In a joint statement, the ten CEOs who lead OGCI said: “Natural gas is a vital part of the transition to a lower carbon future. Our aim is to work towards near zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared to coal.”
OGCI is partnering with United Nations Environment and the Environmental Defense Fund to provide financial and technical backing for the world’s first global methane study to fill gaps in the identification and quantification of global methane emissions. This project has the potential to inform new policy and will help to identify new initiatives to reduce emissions.
Erik Solheim, Executive Director of UN Environment, said: “Oil and gas industry leaders have a critical role to play in our efforts to take on climate change and limit the global temperature rise. We are counting on groups such as OGCI to support the needed shift in the way we produce and consume energy. Partnerships like this are extremely important. They’re not only about financial support, but concrete action – because this is how success will be measured.”
OGCI is also working with Imperial College London on research that aims to provide a more accurate picture of total greenhouse gas emissions across the natural gas value chain, from well to distribution. This will identify emission hotspots that will allow OGCI to focus its efforts on areas that could bring the greatest benefits.
This will identify emission hotspots that will allow OGCI to focus its efforts on areas that could bring the greatest benefits.