The Oil and Gas Climate Initiative (OGCI) has published a new report exploring how carbon capture and storage and engineered carbon removals are reported and accounted for across national inventories, corporate reporting and carbon markets.
As CCS and engineered removals move from pilots toward larger, more complex projects, value chains are becoming increasingly complex. With different organizations involved across capture, transport and storage, sometimes across more than one jurisdiction, it can be challenging to establish how emissions reductions and removals are measured, attributed and claimed.
The report, Carbon accounting and reporting for carbon capture and storage and engineered carbon removals, finds that many current frameworks provide a starting point, but do not always provide clear answers for more complex project structures.
The report provides a detailed overview of:
- How CCS and engineered removals are treated in national greenhouse gas inventories
- Corporate accounting and reporting considerations for CCS and engineered carbon removal activities
- How these activities are being integrated into compliance and voluntary carbon markets
- Practical challenges linked to ownership, Scope 3 reporting, cross-border projects and long-term storage monitoring
- Opportunities for further harmonization across national, corporate, project and product-level reporting frameworks
The report was developed with Perspectives Climate Group and Carbon Limits. It forms part of OGCI’s broader work on CCUS, an important solution needed to decarbonize hard-to-abate sectors such as steel, cement and chemicals.
This report is intended as a discussion document for regulators, standards bodies and project developers working to advance CCS and ECR deployment.
About OGCI
The Oil and Gas Climate Initiative is a CEO-led initiative comprised of 12 of the world’s leading oil and gas companies, producing around 25% of global oil and gas on an operated basis.
OGCI aims to lead the oil and gas industry’s response to climate change and accelerate action towards a net zero emissions future consistent with the timeframe of the Paris Agreement.
Since 2017, OGCI members have reduced their aggregate methane intensity by 62%, routine flaring by 72%, and carbon intensity by 24% and shared best practices across the industry to accelerate emissions reductions.
OGCI members have also invested a cumulative total of $125 billion in low-carbon technologies and solutions since 2017.
In 2016, OGCI launched Climate Investments to manage a $1 billion fund to develop and accelerate the commercial deployment of low emissions technologies.
In 2023, OGCI helped establish the Oil & Gas Decarbonization Charter (OGDC), which was launched at COP28 in Dubai. OGDC is a coalition of 56 companies with activities across more than 100 countries working to decarbonize the oil and gas sector at scale.
OGCI’s members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.
Read more in OGCI’s latest annual Progress Report and see our current Performance Data here.
