The Oil and Gas Climate Initiative is a CEO-led initiative which aims to show sector leadership in the response to climate change. OGCI is made up of ten oil and gas companies that collaborate on action to reduce greenhouse gas emissions.
The ambitious agreement reached by the United Nations climate change conference (COP 21) in Paris is an important milestone in the attempt to transform our energy systems. We welcome the result, and recognize that meeting the challenging aim it sets will require new approaches, new policies and practical action, both in the energy sector and elsewhere.
OGCI’s mission is to use our collective resources to accelerate actions that mitigate the greenhouse gas emissions from the oil and gas industry’s operations and the use of its products, while still meeting the world’s energy needs.
In November 2016, member companies announced the formation of OGCI Climate Investments, an investment of one billion dollars over the next decade to accelerate the development of innovative technologies that, once commercialized, have the potential to reduce greenhouse gas emissions on a significant scale.
Watch highlights from the OGCI Climate Investments launch here
Our strategic assessment explored the actions identified by the IEA and others as having the potential to reduce greenhouse gas emissions sufficiently by 2040 to remain on track for a 2°C scenario. We mapped these actions on a matrix showing the emissions reduction potential (horizontal) and the oil and gas industry's ability to influence the activity (vertical). Actions located in the upper right-hand half of the matrix are the most relevant, with some more appropriate for individual companies and some for collaborative OGCI initiatives.