Oil and gas CEOs declare action on climate change

The chief executive officers of 10 of the world’s largest oil and gas companies – which together provide almost a fifth of all oil and gas production and supply nearly 10% of the world’s energy – have declared their collective support for an effective climate change agreement to be reached at November’s 21st session of the Conference of Parties to the UN Framework on Climate Change (COP21).

In their milestone declaration, the CEOs of the 10 companies which currently make up the Oil and Gas Climate Initiative (OGCI) have confirmed that they recognise the general ambition to limit the global average temperature rise to two degrees centigrade and that the existing trend of the world’s net global greenhouse gas emissions is not consistent with this ambition.

The OGCI member companies have taken significant actions to reduce their own GHG footprints, with combined emissions from their operations reducing by around 20% over the past 10 years.

In their declaration the 10 CEOs said: “Our shared ambition is for a 2°C future. It is a challenge for the whole of society.  We are committed to playing our part. Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the GHG intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts.”

The OGCI has also launched its collaborative report – “More energy, lower emissions” – highlighting practical actions taken by member companies to improve GHG emissions management and work towards improving climate change impacts in the longer term. These actions include significant investments in natural gas, carbon capture and storage, and renewable energy, as well as low-GHG research and development.

The OGCI is a voluntary oil and gas industry initiative that aims to promote practical action on climate change through best practice, sharing and collaboration. The OGCI was established following discussions held during the January 2014 World Economic Forum and was officially launched at the September 2014 UN Climate Summit.