Petrobras joins CEO-led oil and gas climate initiative

Petrobras is to join a CEO-led group of oil and gas companies that intends to lead the industry’s response to climate change. The Oil and Gas Climate Initiative (OGCI) aims […]

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By Priyanka Shrestha

Petrobras is to join a CEO-led group of oil and gas companies that intends to lead the industry’s response to climate change.

The Oil and Gas Climate Initiative (OGCI) aims to increase the ambition, speed and scale of the projects undertaken by individual firms to reduce greenhouse gas emissions and explore new businesses and technologies.

Launched in 2014, it is now made up of 10 oil and gas companies – BP, CNPC, Eni, Pemex, Repsol, Saudi Aramco, Shell, Statoil and Total.

Its billion-dollar investment arm, OGCI Climate Investments, supports the development, deployment and scale-up of low emission technologies.

Bob Dudley, Chair of the OGCI’s CEO Steering Committee and Group Chief Executive of BP said: “International and national oil companies have come together in the OGCI to work to reduce greenhouse gas emissions, a key challenge for our industry and the world.

“Petrobras’ participation will increase the critical mass and momentum of our work and extends our coverage into an important new geography – South America.”