OGCI: Urgently acting on climate warming, carbon capture
The October 30th to November 4th ADIPEC 2022, a global meeting place for 150,000 global energy leaders, policymakers, innovators, and industry professionals, is where the biggest climate issues are being debated and discussed.
Present at ADIPEC, OGCI, a CEO-led initiative that aims to accelerate the industry’s response to climate change, includes 12 member companies from the oil and gas industry, including BP, Chevron, ExxonMobil, and others.
Bjørn Otto Sverdrup has been chairman of the Oil and Gas Climate Initiative’s (OGCI) executive committee since 2021.
Sverdrup is also a member of the OGCI’s $1 billion-plus Climate Investment fund.
Sverdrup brings more than 20 years of energy industry leadership experience to OGCI.
Economy Middle East had the following interview with Sverdrup, asking:
1- What stance will OGCI take on COP 27 in terms of climate scope, priorities?
From the outset, OGCI members have been supportive of COP processes. All members support the goals of the Paris Agreement, limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C, and recognizing that there is a real urgency to act.
In line with our strategic priorities, we are focused on the reduction of methane emissions and carbon intensity, and the development of Carbon Capture Utilization and Storage (CCUS).
2- What are current and planned climate-based initiatives by oil and gas companies/members in OGCI aimed at clean energy transition?
In March 2022, the ‘Aiming for Zero Methane Emissions Initiative’ was launched with the aim of eliminating the oil and gas industry’s methane footprint by 2030. The initiative, which all OGCI members are signatories to, calls for an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety. More than 40 other producer and supporter organizations have joined the initiative.
3- What is the agenda for OGCI when it comes to CCUS toward greenhouse gas reduction?
OGCI is working with industry, governments, and other investors to scale up CCUS as a vital part of a broad package of solutions to get to net zero emissions.
OGCI has supported the development of multiple low-carbon hubs – sites where carbon dioxide is taken from several emitting sources, such as heavy industries and power, and then transport and store it using common infrastructure – to facilitate the emergence of a commercially viable CCUS industry.
OGCI is undertaking actions to provide clarity on CO2 storage resource capacity, policies & regulations, and innovative business models.