Today, carbon capture and storage took a large step forward with the investment by the world’s ten largest oil and gas companies.
The CEOs and Chairmen of the company said in a joint declaration they would invest $1 billion over 10 years to reduce their emissions.
Announcing the new Oil and Gas Climate Intiative (OGCI) on the same day as the Paris Agreement came into force, they said the project is “enabling oil and gas to meet energy demand sustainably in a tightly carbon-constrained world by ensuring that carbon capture, use and storage can be deployed on a much wider scale.”
From left to right: Claudio Descalzi, CEO, Eni; Josu Jon Imaz, CEO Repsol; Amin Nasser, CEO Saudi Aramco; Bob Dudley, CEO BP; Ben van Beurden, CEO Shell; Eldar Sætre, CEO Statoil; Patrick Pouyanné, Chairman & CEO, Total
The investment follows the advice of numerous climate and energy experts including the IPCC and the IEA that carbon capture and storage will be necessary to meet the Paris targets.