CoAct Database

Oil and Gas Climate Initiative

The Oil and Gas Climate Initiative is a CEO-led initiative that aims to accelerate the industry response to climate change. OGCI member companies explicitly support the Paris Agreement and its aims. As leaders in the industry, accounting for almost 30% of global operated oil and gas production, we aim to leverage our collective strength and expand the pace and scope of our transitions to a low-carbon future, so helping to achieve net zero emissions as early as possible. Our members collectively invest over $7B each year in low carbon solutions. OGCI Climate Investments was set up by members to catalyze low carbon ecosystems. This US$1B+ fund invests in technologies and projects that accelerate decarbonization in oil and gas, industry and commercial transport.

Activity period	2014–present
Last CoAct update	2023
Web URL	https://www.ogci.com/
Output effectiveness	0.45
Accountability Index	0.82
Inclusiveness Index	0.40
Num. actors	0
Functions	Knowledge production, Knowledge dissemination, Technical implementation, Funding, Commercial product / service, Policy planning
SDGs
Themes	transport, energy, industry
Policy focus	Mainly mitigation
Sectors	Electricity, gas, steam and air conditioning supply
Implementation countries	Brazil, China, France, Italy, Norway, Saudi Arabia, Spain, United Kingdom of Great Britain and Nothern Ireland (the), United States of America (the)

Target	Target type
OGCI members are targeting net zero emissions by 2050	Net zero target
OGCI companies reduce the collective average methane intensity upstream gas and oil operations to below 0.20% by 2025 and near zero by 2030	Emission reduction target
Reduce the average carbon intensity of our aggregate upstream operated assets to 17 kilograms of carbon dioxide equivalent per barrel of oil equivalent by 2025.	Emission reduction target
developing 40 large-scale CCUS hubs around the world, which have the potential to remove up to 300 million tonnes of CO2 a year by 2030	Economic target
$1 bn collective commitment through OGCI Climate Investments	Funding target
Zero routing flaring by 2030	Other target