Saudi Aramco pledges $100m to climate initiative
Ten energy companies, including Saudi Aramco, are to invest a combined $1bn into the Oil and Gas Climate Initiative (OGCI) during the course of the next 10 years
The Oil and Gas Climate Initiative (OGCI) has secured $1bn of investment, over the next 10 years, in a bid to develop and accelerate the commercial deployment of low-emission technologies.
OGCI’s 10 member companies, including Saudi Aramco, will contribute $100m each during the next decade.
The other energy firms that will participate in the initiative will include: BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Statoil, and Total. Together, the OGCI’s 10 member companies represent 20% of the world’s oil and gas production.
Amin Nasser, president and chief executive officer of Saudi Aramco, commented: “Today’s announcement highlights our strong and collective commitment in addressing climate change, allowing us to combine our expertise and resources in tackling one of the greatest challenges facing our industry and the world.
“Technology-enabled solutions are key to managing climate change, and this announcement by OGCI to collectively fund $1bn is paramount to our long-term commitment in meeting rising energy demand.”
A joint statement released by the heads of the 10 participating oil and gas companies added: “The creation of OGCI Climate Investments (OGCI CI) shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge.
“We are personally committed to ensuring that, by working with others, our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.
OCGI CI aims to deploy novel technologies developed as part of the scheme among member companies and beyond. It will also identify ways to cut the energy intensity of both transport and industry.
Due to the collaborative nature of the initiative, OGCI CI’s backers are confident that emission reductions can be enacted across multiple industries.