Oil and Gas Climate Initiative (OGCI), is a voluntary, CEO-led industry initiative that aims to catalyse meaningful action on climate change through best practice sharing and collaboration. Its $1 billion investment arm, OGCI Climate Investments, supports the development, deployment and scale-up of low emissions technology and business models. Launched in 2014, OGCI is now made up of 13 oil and gas companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total. In September, OGCI announced a partnership with China National Petroleum Corporation (CNPC) to create a $100 million investment fund focused on China. In addition, its 2018 portfolio includes three investments in methane emissions detection and mitigation technologies.
This initiative brings together governments, oil companies and development institutions that recognize that routine flaring is unsustainable from a resource management and environmental perspective. It aims to eliminate routine flaring from oil assets by the year 2030.