The Oil and Gas Climate Initiative, a group backed by 13 of the biggest oil and gas companies in the world, is hoping to jump-start investments in carbon capture, use and storage as part of its efforts to support the Paris Agreement on climate change.
At the group's annual event in New York City, member companies announced their pledge to grow carbon capture investments and plans to back policy that puts a price on carbon, and they said they collectively reduced the methane intensity of their operations by 9% in 2018.
The Oil and Gas Climate Initiative comprises BP PLC, Chevron Corp., China National Petroleum Corp., Eni SpA, Equinor ASA, Exxon Mobil Corp., Occidental Petroleum Corp., Petróleos Mexicanos SA de CV, Petróleo Brasileiro SA, Repsol SA, Saudi Arabian Oil Co., Royal Dutch Shell PLC and TOTAL SA.
On carbon capture, use and storage, the initiative launched an effort to unlock large investments in decarbonizing industrial hubs in the U.S., the U.K., Norway, the Netherlands and China, according to a Sept. 23 news release from the group. The group wants to double the amount of carbon dioxide stored globally before 2030.
The group said it is on track to hit its methane intensity target of 0.25% by 2025 after the progress in 2018. Companies are also planning to cut their average carbon intensity in upstream oil and gas operations through a carbon intensity target reduction by 2025.
On supporting policies that assign a value to carbon, the group said that putting a value on carbon is one of the most cost-efficient ways to make a low carbon transition.
"We are scaling up the speed, scale, and impact of our actions in support of the Paris Agreement," the group said in a statement. "Accelerating the energy transition requires sustainable, large-scale actions, different pathways and innovative technological solutions to keep global warming well below [2 degrees C]."
