OGCI China Climate Investments launched
April 22, 2022
- OGCI China Climate Investments (CCI) launched today to invest in greenhouse gas emissions-reducing technologies and projects within China
- The fund is backed by OGCI Climate Investments, alongside China National Petroleum Corporation, and Hainan Free Trade Zone Development Equity Investment Fund Partnership as limited partners.
- CCI will target solutions that deliver near-term greenhouse gas (GHG) impact in three areas: reducing methane, reducing carbon dioxide emissions and recycling or storage of carbon dioxide
Today, OGCI Climate Investments (OGCI CI) alongside its partners China National Petroleum Corporation (CNPC) and Hainan Free Trade Zone Development Equity Investment Fund Partnership (Hainan FTZ Fund), launched the OGCI China Climate Investments fund.
CCI will follow the successful model deployed by OGCI CI’s first vintage international fund, focusing on driving near-term GHG impact across methane emissions reduction, carbon dioxide emissions reduction and recycling or storage of carbon dioxide. CCI will also support the development, demonstration, and rapid expansion of these technologies and projects into real-world applications.
“The launch of China Climate Investments is an exciting moment for everyone involved with OGCI CI. This new fund, following in the footsteps of our current fund, will expand our impact by accelerating the implementation of low carbon solutions in China,” said Dr. Pratima Rangarajan, CEO of OGCI Climate Investments. “Decarbonizing the vast array of goods and services that China produces is critical to the climate journey. We look forward to collaborating with our partners CNPC and Hainan FTZ Fund to harness China’s talent and resources to deliver near-term GHG impact.”
Mr. Zhou Aiguo, CNPC Chief QHSE-Technology Expert, said: “The CCI fund is established on the principles of innovation, capital operation and commercialization, with the aspiration to accelerate the commercialization of low-carbon, zero-carbon and negative-carbon technologies through efficient capital operation. By striving to build an open and inclusive innovative platform, CCI will be able to contribute actively to the response against climate change”.
His comments were echoed by, Hainan FTZ Fund representative, Mr Jiang Xiongbiao: “Leveraging the policy advantages of the ‘Hainan Clean Island National Strategy’, Hainan’s status as a Free Trade Port and the deep support of all stakeholders, the OGCI CCI fund, a joint venture between various parties, is intended to yield fruitful results, demonstrate sound ESG practice, and make positive contributions to the achievement of carbon neutrality targets.”
China Oil and Gas Climate Investments Chairman, Mr Yu Jingqi further commented: “As the fund manager and general partner of CCI, we are committed to investing in technologies, seeking out innovation and commercialization models that focus on GHG impact, whilst simultaneously supporting China and Hainan Province’s carbon peaking and carbon neutrality goals.”
Shareholders in China Oil and Gas Climate Investments, the general partner of OGCI CCI, include CNPCAM, Hainan Development Holdings Co. Ltd, and Tianjin Climate Exchange Co. Ltd.
About OGCI Climate Investments
OGCI Climate Investments was formed by the Oil & Gas Climate Initiative, a CEO-led initiative of oil & gas majors that accounts for around 30% of global operated production. OGCI aims to lead the industry’s response to climate change.
At OGCI Climate Investments, we seek to accelerate the global implementation of low carbon solutions by collaborating with OGCI members, governments, customers, and co-investors. Since its inception, we have invested in 25 technologies and projects.
Among its investment-focused activities, CI currently manages a $1B+ fund that made its first investments in 2017 and invests in solutions to decarbonize under-invested carbon-intensive sectors within energy, industrials, built environments/buildings and transportation. CI targets solutions that deliver near-term GHG impact in three areas: reducing methane, reducing carbon dioxide emissions and recycling or storing carbon dioxide.