The Oil & Gas Climate Initiative (OGCI), which unites ten national and international oil and gas companies in the fight against climate change, met today in Paris. In a joint statement at the meeting, the ten CEOs declared their support for a worldwide agreement to be reached at COP21 to limit global warming to two degrees centigrade. This unprecedented collaboration is a sign of the seriousness of the challenge facing the industry.
It is not every day that ten oil and gas companies stand united on an issue, committing to sharing information and regularly reporting their efforts. But there are no simple solutions to climate change. Transitioning to a low-carbon economy will require cooperation like never before. That is why BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total have joined forces. Today, one year after the OGCI was officially established, their CEOs met to declare their collective support for a global agreement that limits the rise in the planet’s temperature to two degrees centigrade, stating: "It is a challenge for the whole of society. We are committed to playing our part." This commitment involves increasing investment to contribute to reducing greenhouse gas (GHG) emissions and strengthening collaboration on research and development. Over the past ten years, OGCI members’ individual efforts have reduced their emissions by 20%, despite rising demand for energy. Today, they want to go even farther by joining forces on other significant initiatives to reduce their carbon footprint, such as facilitating the transition from coal to gas wherever this is feasible; eliminating routing flaring; reducing methane emissions; increasing the share of renewables in the energy mix; and improving knowledge about carbon capture and storage. The results of this first year of cooperation have been published in a report released today.