The FINANCIAL — ExxonMobil said it will join the Oil and Gas Climate Initiative (OGCI), a voluntary initiative representing 13 of the world’s largest oil and gas producers working collaboratively toward solutions to mitigate the risks of climate change.
The CEO-led organization focuses on developing practical solutions in areas including carbon capture and storage, methane emissions reductions and energy and transportation efficiency. As part of the initiative, ExxonMobil will expand its investment in research and development of long-term solutions to reduce greenhouse gas emissions as well as partnerships and multi-stakeholder initiatives that will pursue lower-emission technologies.
ExxonMobil has invested billions of dollars in researching and developing lower-emission solutions, including carbon capture and storage technology, next-generation biofuels, cogeneration and more efficient manufacturing processes.
Earlier this year, ExxonMobil announced initiatives to lower greenhouse gas emissions associated with its operations by 2020, including reducing methane emissions 15 percent and flaring by 25 percent. Since 2000, ExxonMobil has spent more than $9 billion to develop and deploy higher-efficiency and lower-emission energy solutions across its operations.
OGCI was established following the 2014 World Economic Forum and formally launched at the United Nations Climate Summit the same year. Members include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Petrobras, Repsol, Royal Dutch Shell, Saudi Aramco and Total.