OGCI investment portfolio cuts GHG emissions by 30mn mt in five years
The OGCI Climate Investment (CI) fund, backed by some of the world's largest oil and gas companies, has supported innovations that have cut greenhouse gas emissions by 30mn metric tons in the five years since the initiative's conception, OGCI said on October 20.
OGCI CI has invested in 29 companies that have developed technologies that reduce methane and CO2 emissions, and can recycle or store CO2. These investments have been cost-effective, OGCI said, adding that "over 95% of the cumulative realised impact to date is economic at current commodity prices without a price on carbon, illustrating the cost-effectiveness of CI's portfolio solutions."
"I am immensely proud of CI’s progress. We understand the complex needs of GHG-intensive heavy industries and invest in the technical solutions required to lower the cost of their decarbonisation," OGCI CI CEO Pratima Rangarajan said.
Tackling emissions requires scale and speed, Rangarajan said, and so "it is imperative that investors, innovators, the private and public sectors collectively exchange ideas and collaborate to drive action."
"Our progress shows that lowering the cost of decarbonisation is not only possible, but is a reality today," she said.