OGCI Members Announce Net-Zero Ambitions

The Oil and Gas Climate Initiative (OGCI) announced that all of its member companies have announced their net-zero emissions goals, mostly focused on Scope 1 and 2 emissions from operations. 

From The earthbound report

These net-zero goals come at an important time. Fossil fuel emissions were up in 2021 thanks to increasing overall energy demand. Demand is expected to continue to grow, which means it’s pivotal that emissions trend toward net zero. 

OGCI laid out its big picture strategy and priorities, with an initial focus on reducing emissions from owned operations—Scope 3 will come later. Then each member company is responsible for setting out its goals, plan, and initiatives. 

Here’s a highlight of a few member companies, and you can view the rest on OGCI’s site. 

BP aims to reduce its own operations to net zero, reduce upstream and downstream emissions, reduce methane emissions, and invest in green new energy. The company also plans to grow its hydrogen; hydrocarbon; and carbon capture, utilization, and storage (CCUS) efforts. 

ExxonMobil is currently building out detailed roadmaps for major assets and will focus on electrifying operations with low-carbon power, expanding its methane detection and mitigation, and employing emissions offsets. 

TotalEnergies is working toward net zero on Scope 1, 2, and 3 emissions—moving beyond its own operations. It’s starting with a focus on reducing emissions intensity in its energy operations and moving to more sustainable electric energy production.

Environmentalists continue to point out that these net-zero target announcements are “greenwashing,” or using them for PR and goodwill. The energy transition is a long game, not a zero-sum game.