Oil and Gas Climate Initiative

The Oil and Gas Climate Initiative (OGCI), is an international industry-led organization which includes 12 member companies from the oil and gas industry: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and TotalEnergies represent over "30% of global operated oil and gas production."[1] It was established in 2014 and has a mandate to work together to "accelerate the reduction of greenhouse gas emissions" in full support of the Paris Agreement and its aims."[1]

Their mandate says that they will "seek actions" to "accelerate and participate in the energy transition." On November 4, 2016 OGCI announced the creation of the OGCI Climate Investments fund which will invest $1 billion over 10 years in companies or projects that reduce "methane emissions from gas production", on projects or "technologies to capture and either use or store carbon emissions", as well as on energy efficiency.[2]

The fund invests in reducing the carbon footprint of the oil and gas industry and other emitting sectors, rather than in renewable energy.[2] Former BP CEO Bob Dudley is the chair of the OGCI CEO steering committee and Bjørn Otto Sverdrup is the chair of the OGCI executive committee. Pratima Rangarajan is the CEO of OGCI Climate Investments.[3]

  1. ^ a b Cite error: The named reference OGCI_20190923 was invoked but never defined (see the help page).
  2. ^ a b Cite error: The named reference telegraph_Gosden_20161104 was invoked but never defined (see the help page).
  3. ^ Cite error: The named reference theguardian_Laville_20190918 was invoked but never defined (see the help page).