The Oil and Gas Climate Initiative (OGCI), a group of 12 of the world’s leading oil and gas companies, this year marks a decade of collective action, leading the industry’s response to climate change.
Since it was founded at the UN Climate Summit in 2014, the CEO-led initiative has spurred collaboration between the group’s member companies. This work has already helped OGCI members to halve their collective methane emissions, reduce routine flaring by 45% and lower carbon intensity by 21% compared with 2017.
Over the same period, OGCI member companies have collectively invested a total of $65 billion in low-carbon technologies and solutions, such as renewables, biofuels and carbon capture.
OGCI has also reached out beyond the oil and gas industry, working with experts and leaders from other industries, think tanks, universities, NGOs and multilateral organizations to refine its approach and extend its impact.
OGCI Chair Bjørn Otto Sverdrup said:
“As OGCI marks 10 years of collective action, we’re proud of what we’ve done to help the industry decarbonize. We’ve shown what’s possible, and we’re sharing what we’ve learned with companies outside our group to accelerate emissions reductions to achieve net zero. We have achieved a lot in a decade, and we’ve set a benchmark for the rest of the industry to strive for. But with 2023 the hottest year on record, it’s clear we must do more. Tackling the climate challenge will require all of us to move further and faster and working together is the way to achieve this.”
OGCI’s achievements over the past year include:
- OGCI helped shape and launch the Oil & Gas Decarbonization Charter (OGDC) at COP28. This critically important initiative mobilizes even more of the oil and gas industry to decarbonize.
- OGCI’s flagship satellite monitoring campaign is already enabling partners and local operators to reduce their methane emissions.
- OGCI’s methane intensity target is now widely used across industry and in legislation as a benchmark of good practice. And our Aiming for Zero initiative has helped change the way companies approach methane emissions.
- OGCI’s work across industries and technologies is accelerating the development of more than 40 CCUS hubs plus direct air capture projects that will be critical to a net zero future.
Learn more about OGCI’s work in our annual Progress Report
OGCI
- OGCI is a CEO-led initiative comprised of 12 of the world’s leading oil and gas companies.
- It aims to lead the oil and gas industry’s response to climate change and accelerate action toward a net zero emissions future consistent with the Paris Agreement.
- OGCI’s members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Oxy, Petrobras, Repsol, Shell, TotalEnergies.
