12 oil and gas giants committed to achieving net zero emissions targets
The 12 largest oil and gas giants in the world have pledged to achieve net zero emissions from businesses under their control, and have updated their targets for reducing methane and carbon emission intensity from upstream operations.
The Oil and Gas Climate Initiative (OGCI) stated that it supports the Paris Agreement’s goal of keeping the global warming range well below 2 degrees Celsius and recognizes the “real urgency of taking action”.
However, OGCI stated that the net-zero emission target lacks a specific time frame, and more "answers" are needed to achieve the goals of the Paris Agreement.
OGCI stated that the goal of all OGCI member companies is to achieve net zero emissions in the business under its control, and to use their influence to achieve net emissions of non-operating assets within the time frame stipulated in the Paris Agreement, recognizing that we have many , But still not all the answers needed to achieve this goal.
Founded in 2014, the OGCI organization dedicated to developing methods to reduce the energy intensity and emissions of the oil and gas industry, including BP, Chevron, CNPC, Eni, Equinor, Exxon Mobil, Occidental Petroleum, Petrobras, Repso Saudi Arabia, Saudi Aramco, Shell and Total. The group accounts for approximately 30% of global oil and gas production. In 2016, it pledged to invest US$1 billion within ten years to develop new low-emission technologies.
Last year, OGCI stated that it will focus on reducing the group's emissions of 21 million tons of carbon dioxide equivalent in scope 1 and 2. According to the group, the total annual direct emissions of the global oil and gas industry are estimated to be about 4 billion tons of carbon dioxide equivalent.
OGCI also stated that it has updated its carbon and methane emission intensity targets for 2025 and may save an additional 50 million tons of greenhouse gas annually.
According to the new target, OGCI said it plans to reduce upstream methane emission intensity to far below 0.20% by 2025, reduce the carbon intensity of upstream operations to 17 kilograms of carbon dioxide equivalent per barrel of oil equivalent, and end conventional combustion by 2030.
OGCI stated that our success will depend on accelerating the implementation of innovative and large-scale solutions, such as the application of efficiency measures, sharing of best practices, electrification, hydrogen solutions, carbon capture utilization and storage (CCUS), methane leak detection and Elimination, bioenergy and responsible investment in natural climate solutions.
OGCI said that its upstream carbon intensity target is making progress, and its goal is that by 2025, compared with the 2017 benchmark, its upstream carbon intensity target is between 20-21 kilograms of carbon dioxide equivalent per barrel of oil equivalent.
According to OGCI data, in 2019, the methane and carbon intensities of upstream oil and gas operations were 0.23% per barrel of oil equivalent and 21.1 kg of carbon dioxide equivalent per barrel of oil equivalent, respectively.