Norway: OGCI Climate Investments $ 1 Billion Investment in Low Emission Technologies
The Oil and Gas Climate Initiative (OGCI) announced an investment of $ 1 billion over the next ten years, to develop and accelerate the commercial deployment of innovative low emissions technologies.
Stavanger/Norway — In a joint statement, the heads of the ten oil and gas companies (e.g. Statoil) that comprise the initiative said: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge. We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”
OGCI Climate Investments will aim to deploy new technologies among member companies and beyond. It will also identify ways to cut the energy intensity of both transport and industry. Through discussions with stakeholders and detailed technical work, the initiative has identified two initial focus areas: accelerating the deployment of carbon capture, use and storage; and reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas. The OGCI believes that these are areas where the oil and gas industry has meaningful influence and where its collaborative work can have the greatest impact. Beyond this, the group of companies intends to make investments that support improving energy and operational efficiencies in energy-intensive industries