The Oil and Gas Climate Initiative (OGCI) is a bottom-up, voluntary, industry-driven initiative, which will enable the Oil and Gas industry to work collaboratively to address climate concerns. It is an unprecedented and unique collaboration. The initiative serves as a platform to collaboratively advance technological solutions and to catalyse meaningful action and coordination on climate change. This is the only initiative to provide a full spectrum on what the sector is currently doing about climate change, and what it is prepared to do, collaboratively, going forward. Following the entry into force of the Paris Agreement, there is now a clear need for action and investments that can enable its implementation. To do so, the OGCI has announced the formation of OGCI Climate Investments to invest one billion dollars over the next decade to accelerate the development of innovative game-changing technologies that have the potential to reduce emissions on significant scale. This collaborative investment effort has the concrete potential to unleash public-private collaboration for climate action from the oil and gas sector. The one billion dollar commitment will work as a lever for additional funds, as – with support from the Forum – OGCI Climate Investments will actively work in partnership with key public and private stakeholders in order to multiply the level and impact of investments. The selected low emissions technologies will also be adopted and deployed by the OGCI companies within their businesses and operations. The OGCI is comprised of 13 oil and gas companies (BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Petrobras, Repsol, Saudi Aramco, Shell, and Total). Together, they represent more than one fifth of the global oil and gas production. CEOs are personally invested in steering and leading the initiative. This engagement and leadership has truly transformed the way in which these companies approach collaboration on climate-related issues.
The goal of the initiative is to support climate leadership within the oil and gas industry to unlock meaningful collaboration for the adoption of low-carbon solutions in areas where the industry players have not joined forces before; and to explore new business models that respond to the need for reductions in greenhouse gas emissions across the sector’s value chain.