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10 Iocs Commit To 2 Degrees Celsius Climate Target

The CEOs of 10 major oil and gas companies on Friday made a joint declaration on climate change, calling for an effective global agreement at a United Nations climate summit in December.

The 10 companies, which make up almost a fifth of all oil and gas production and supply nearly 10% of the world’s energy, declared their support for an effective agreement at the 21st Conference of Parties to the UN Framework Convention on Climate Change.

Parties to the so-called Oil and Gas Climate Initiative (OGCI) are BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total.

“Our shared ambition is for a 2 degrees C future. It is a challenge for the whole of society. We are committed to playing our part,” the companies said in a statement.

“Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the GHG intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts,” they said.

Almost 200 countries have agreed to try to limit global warming to 2 degrees C, a level beyond which climate change is expected to become significantly more dangerous.

The 10 companies said they have taken significant actions to cut their greenhouse gas footprint, with combined emissions from their operations reducing by about 20% over the last 10 years.

The companies set out a number of areas where they will continue to focus on emissions reductions to include optimizing efficiency of their own operations and improving the end-use efficiency of their fuels and other products.

They committed to contributing to boosting the share of gas in the global energy mix, and eliminating routine flaring of methane; investing in R&D and innovation to reduce GHG emissions and increase the use of carbon capture and storage (CCS) and renewable energy; developing projects to provide people with access to energy in partnership with local and national authorities; and partnerships and other initiatives: seeking opportunities to accelerate climate change solutions by working collectively or individually through industry and other initiatives.

The OGCI aims to catalyze practical action on climate change through “best practice sharing and collaboration.”

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