"..First, OGCI launched a new initiative to unlock large-scale investment in carbon capture, use and storage (CCUS), a crucial tool to achieve net zero emissions. OGCI’s CCUS KickStarter initiative is designed to help decarbonize multiple industrial hubs around the world, starting with hubs in the US, UK, Norway, the Netherlands, and China. The aim of the KickStarter is to create the necessary conditions to facilitate a commercially viable, safe and environmentally responsible CCUS industry, with an early aspiration to double the amount of carbon dioxide that is currently stored globally before 2030.
Second, OGCI showed progress towards its methane intensity target announced last year. Members are on track to meet the methane intensity target, having reduced collective methane intensity by 9% in 2018. In addition to the methane intensity target, OGCI is now working on a carbon intensity target to reduce by 2025 the collective average carbon intensity of member companies’ aggregated upstream oil and gas operations.
Third, all OGCI member companies have pledged to support policies that attribute an explicit or implicit value to carbon. Acknowledging the role that attributing a value to carbon plays as one of the most cost-efficient ways to achieve the low carbon transition as early as possible, OGCI supports the introduction of appropriate policies or carbon value mechanisms by governments..."
Members of the OGCI include ExxonMobil, Chevron, Shell, Total, BP, Oxy, Equinor, Reposol Saudi Aramco, and others.
The oil majors take a long term view and know that the viability of their business models require a public admission that man made climate change is real and a threat to the world economies. Carbon capture and sequestration, emissions reductions and a carbon tax would give them some measure of assurance that they could continue with their business plans as long as possible. Doing nothing risks getting saddled with regulations that would be much more disruptive. Good to see that US majors are now on board with their global counterparts.