The Oil and Gas Climate Initiative (OGCI), which is a voluntary, CEO-led, industry group comprising ten of the largest energy firms, has pledged to further reduce greenhouse gas (GHG) emissions in an attempt to limit global average temperature rise to two degrees centigrade.
As part of its climate change plan, OGCI will aim to increase the share of gas in the global energy mix, ensuring it results in significantly lower lifecycle emissions than other fossil fuels for power generation. The group will also strive to eliminate routine flaring, reduce methane emissions from operations, increase efficiency across the industry and progress carbon capture and storage processes. OGCI member companies have already taken significant actions to reduce their GHG footprint, with combined GHG emissions from their operations decreasing by around 20 percent over the past ten years, and have previously promoted the idea that natural gas can play a role in fighting climate change.
In joint CEO declaration, the OGCI commented in an organization statement:
“Our shared ambition is for a 2°C future. It is a challenge for the whole of society. We are committed to playing our part. Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the GHG intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts.”
The ten companies that currently make up the OGCI are BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total. The latest development comes before the 21st session of the United Nations Conference of Parties to the UN Framework on Climate Change (COP21).
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