The Oil and Gas Climate Iniiative (OCGI) said it will invest $1billion over the next decade to develop and accelerate commercial deployment of innovative low emissions technologies.
The move has been made in a bid to deploy successfully developed new technologies among member companies.
It will also identify ways to cut the energy intensity of both transport and industry.
In a joint statement, the heads of the 10 oil and gas companies that comprise the OGCI said: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge. We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”
Through discussions with stakeholders and detailed technical work, the OGCI has identified two initial focus areas: accelerating the deployment of carbon capture, use and storage; and reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas.
The OGCI believes that these are areas where the oil and gas industry has meaningful influence and where its collaborative work can have the greatest impact.