The Oil and Gas Climate Initiative (OGCI) has made its first three investments in low emission technology development.
The organization, founded in 2014 by ten oil and gas companies in a bid to advance the development of and investment in low carbon technologies, has made an investment in a carbon capture and storage (CCS) project, a low emission vehicle technology firm, and a US-based cement production company.
The investments are a key part of the OGCI’s strategy to spur the growth of promising low carbon technologies. Pratima Rangarajan, CEO of OGCI Climate Investments, said: “The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale.”
OGCI has also released its third annual report, detailing the progress it has made towards tackling some of the industry’s biggest challenges. These include a new partnership with the United Nations Environment and the Environmental Defense Fund to provide financial and technical backing for the world’s first global methane study, and a collaboration with Imperial College of London on emissions in the natural gas value chain.
“Natural gas is a vital part of the transition to a lower carbon future,” said the ten CEOs leading OGCI in a statement. “Our aim is to work towards near zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared to coal.”
OGCI said it will continue to focus on a number of key areas in the future, including CCS, reducing methane emissions, and energy efficiency in the transport sector.