Energy Efficiency, GHG Emissions, Industrial - September 20, 2018
Exxon, Chevron join industry climate initiative
Exxon Mobil, Chevron and Occidental Petroleum will join the Oil and Gas Climate Initiative (OGCI), which already counts BP, Royal Dutch Shell, France’s Total as well as national oil companies of China, Mexico, Brazil, and Saudi Arabia as members. The OGCI was formed in 2014 with the goal of curbing carbon emissions in their industry sector.
According to a report by Reuters, the two companies will each contribute $100 million to the OGCI’s $1 billion fund created to develop technologies to reduce GHG emissions. Including the three new members, the group will account for approximately 30% of global oil and gas production and 20% of primary energy consumption.
Total CEO Patrick Pouyanne said in a tweet. "The addition of 3 U.S. companies gives us more impact to lead the industry’s response to climate change."
"We are pleased to be joining OGCI to work constructively on addressing the risks of climate change," Chevron CEO Michael Wirth said in the statement.
Reuters noted that Exxon has faced pressure from investors as well as lawsuits over its climate policies and disclosures. Exxon announced it will expand its investment in GHG emission-reduction research as part of the initiative. Earlier this year, Exxon pledged to reduce its methane emissions by 15% by 2020.
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