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OGCI on track to achieve methane target and kick-starts new CCUS initiative

The Oil and Gas Climate Initiative (OGCI) has unveiled further initiatives to accelerate the reduction of greenhouse gas emissions (GHG) and support the goals of the Paris Agreement.

The group has launched a new initiative to unlock large-scale investment in carbon capture, use and storage (CCUS), a crucial tool to achieve net zero emissions. The CCUS KickStarter initiative is designed to help decarbonise multiple industrial hubs around the world, starting with hubs in the US, UK, Norway, the Netherlands, and China. The aim of the programme is to create the necessary conditions to facilitate a commercially viable, safe and environmentally responsible CCUS industry, with an early aspiration to double the amount of carbon dioxide (CO
2) that is currently stored globally before 2030.

In parallel, OGCI has launched a joint CCUS Acceleration Framework with the 11 countries supporting the Clean Energy Ministerial CCUS Initiative, which brings governments and industries together to create a global, commercial CCUS industry at the scale needed to meet the Paris Agreement. 

The OGCI also reports that members are on track to meet the methane intensity target of 0.25% by 2025 announced last year, having reduced collective methane intensity by 9% in 2018. In addition to the methane intensity target, OGCI is now working on a carbon intensity target to reduce by 2025 the collective average carbon intensity of member companies’ aggregated upstream oil and gas operations. 

All OGCI member companies have also pledged to support policies that attribute an explicit or implicit value to carbon, acknowledging that this is one of the most cost-efficient ways to achieve the low carbon transition as early as possible. 

OGCI Climate Investments, the $1bn-plus fund set up by OGCI member companies to lower the carbon footprint of energy and industries, has made the following seven new investments in the last year:

  • Kelvin reduces methane emissions by using artificial intelligence to better control complex processes and systems.
  • SeekOps develops and fields advanced sensor technology for methane emissions detection, localisation and quantification.
  • Boston Metal has developed an electrochemical process to manufacture low-emissions ferroalloys, and ultimately emissions-free steel.
  • 75F aims to increase occupant productivity and reduce energy use in commercial buildings through its smart control solution.
  • Norsepower manufactures mechanical rotor sails that provide auxiliary propulsion power for large ships to reduce their fuel consumption
  • XL provides hybrid and plug-in-hybrid electrification solutions for commercial vehicles.
  • Wabash Valley Resources captures and stores CO2 from ammonia production in what is expected to be the largest carbon storage project in the US.


For more information about the OGCI, visit 
www.oilandgasclimateinitiative.com

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