ExxonMobil and Chevron Join Climate Group
September 24, 2018
ExxonMobil Corp., Chevron Corp. and Occidental Petroleum Corp. announced last week that they are joining the Oil and Gas Climate Initiative (OGCI), the climate group that works toward reducing greenhouse gas emissions in oil and gas industry operations and investing in new technologies that could reduce emissions.
OGCI was launched in 2014, and it is now made up of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total. With the addition of the three U.S. companies, OGCI’s 13 members represent around 30% of the world’s oil and gas production and supply globally nearly 20% of primary energy consumption.
“The new OGCI members are aligned with the OGCI collective goals, including recognition and support of the Paris Agreement and collective reporting,” OGCI said in a statement last week. “They will also reinforce the capacity of OGCI’s work programs. In addition, each will commit $100 million to the OGCI Climate Investments fund.”
Exxon announced earlier this year initiatives it was undertaking to lower greenhouse gas emissions associated with its operations by 2020, including reducing methane emissions by 15% and flaring by 25%.
Alex Epstein, author of the best-selling book, The Moral Case for Fossil Fuels, and an expert on energy and industrial policy, will keynote ILMA’s upcoming Annual Meeting, sharing his perspective on the past, present, and future of the lubricants industry and how it advances humanity