The members of the Oil and Gas Climate Initiative (OGCI) welcome and support the historic result achieved by 195 nations at the 21st Conference of the Parties (COP21).
In alignment with the Paris Agreement, the OGCI’s Joint Declaration issued October 2015 recognized the general ambition to limit global average temperature rise to less than 2°C, and that the current trend of the world’s net greenhouse gas (GHG) emissions is not consistent with this ambition. The Paris Agreement, which strives to limit the global average temperature rise to well below 2°C, offers the world a clear signal that will help all actors to take actions and make investments towards a lower carbon future. The OGCI believes that this offers significant opportunity for innovation and investments in lower GHG emission solutions.
The OGCI members will continue to collaborate on efficiency, natural gas, carbon capture and storage, renewables, long-term solutions, and partnering on multi-stakeholder initiatives.
Going forward, we will continue in our efforts to play our part in helping lower the current global emissions trajectory. However, we recognize that neither our contributions nor those of any one industrial sector alone will be enough to address the challenge of climate change; it can only be met by each part of society making an appropriate contribution.
We are optimistic that together investors, businesses, cities and subnational regions will seize this opportunity to continue to progress in the direction set by governments around the world.