Another three oil majors join Oil and Gas Climate Initiative21.09.2018
The Oil and Gas Climate Initiative (OGCI) welcomed three new member companies that together represent 5% of global oil and gas production: Chevron, Exxon Mobil, and Occidental Petroleum.
The three new companies will become official members of OGCI as of 24 September 2018.
Launched in 2014, the Oil and Gas Climate Initiative aims to increase the ambition, speed and scale of the initiatives undertaken by its individual companies to help reduce manmade greenhouse gas emissions, in particular from the production and use of oil and gas in power, heating, industry and transport.
Its USD $1+ billion investment arm, OGCI Climate Investments, supports the development, deployment and scale-up of low emissions technology and business models.
With these additions, OGCI members now represent around 30% of global oil and gas production and supply close to 20% of global primary energy consumption.
OGCI is now made up of 13 oil and gas companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total. The 13 companies represent regions including China, the Middle East, Latin America, Europe and now the United States, widening OGCI’s global reach in support of the Paris Agreement.
The new OGCI members will each commit $100 million dollars to the OGCI Climate Investments fund.
It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change. Our mission is to supply energy for modern life and improve living standards around the world while minimizing impacts on the environment. This dual challenge is one of the most important issues facing society and our company,
…said Darren Woods, Chairman and Chief Executive officer of ExxonMobil.