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The Oil and Gas Climate Initiative (OGCI) has launched a new initiative to unlock large-scale investment in carbon capture, use and storage (CCUS), a crucial tool to achieve net-zero emissions

industry 611668 640The OGCI has announced further initiatives to accelerate the reduction of greenhouse gas emissions and support the goals of the Paris Agreement. (Image source: Foto-Rabe/Pixabay)

The OGCI’s CCUS KickStarter initiative is designed to help decarbonise multiple industrial hubs around the world, starting with hubs in the US, the UK, Norway, the Netherlands, and China.

KickStarter aims to create the necessary conditions to facilitate a commercially viable, safe and environmentally responsible CCUS industry, with an early aim of doubling the amount of carbon dioxide currently stored globally before 2030.

“We are scaling up the speed, scale, and impact of our actions in support of the Paris Agreement,” the heads of the OGCI member companies said in a joint statement.

“Accelerating the energy transition requires sustainable, large-scale actions, different pathways and innovative technological solutions to keep global warming well below 2°C. We are committed to enhancing our efforts as a constructive partner with governments, civil society, business and other stakeholders working together to transition to a net-zero economy,” the heads added.

“The progress towards our methane intensity target makes us confident that the actions we are taking deliver results. We are on track to reach our methane intensity target of 0.25 per cent by 2025. Encouraged by our experience of working together on reducing methane emissions, we are now working on a target to reduce by 2025 the collective average carbon intensity of our aggregated upstream oil and gas emissions,” they concluded.