A group of the world’s top oil and gas companies pledged on Monday to slash emissions of a potent greenhouse gas by a fifth by 2025 in an effort to battle climate change.
The Oil and Gas Climate Initiative (OGCI), which U.S. giants Exxon Mobil and Chevron joined recently, committed to cutting methane emissions to an intensity of 0.25 percent of the group’s total fossil fuel production, it said in a statement.
Such a decline will be equal to 350,000 tons of methane per year. Excluding new members, they are compared with a base density of 0.32 percent in 2017.
The pledge, which can be reduced to 0.20 percent, echoes the targets individually set by BP, Royal Dutch Shell and Exxon to reduce methane emissions.
Or Our goal is to work towards the almost zero methane emission from the full gas value chain to achieve the objectives of the Paris (Climate) Agreement. Una The heads of the OGCI members said in a statement referring to an international agreement: global warming is limiting.
Today, OGCI represents about one-third of global oil and gas production. BP also includes the Royal Dutch Shell, France and national oil companies of China, Mexico, Brazil and Saudi Arabia.
The US-based Environment Defense Fund (EDF), a non-governmental organization, said the OGCI had to measure its methane emissions more and more transparently to achieve its goal.
“It is extremely important that companies now follow their commitments and report progress with real and measured emissions,” EDF President Fred Krupp said. Said.
Iddia A second challenge for the OGCI is the risk of hiding behind the efforts of the rest of the industry, claiming that the actions of a significant minority represent the industry’s actions. “
In a separate announcement at the beginning of the New York City Climate Week, OGCI announced a $ 100 million China-based climate investment fund with the Chinese National Oil Company (CNPC).
The group is investing in new technologies, including satellite imagery, to measure and detect methane leaks from pipelines, wells and other infrastructure, said Pratima Rangarajan, Director of Climate Investments at OGCI.
In There is no global measurement today, so don’t fix things that you don’t measure or process as you should, e he said in an interview with Reuters.
Legal warning !
The information, comments and suggestions there are not covered by investment advice. It is based on the author's personal opinions. These views may not fit your financial situation and risk and return preferences. For this reason, based solely on this information, investment decisions may not have the appropriate consequences for your expectation. Our Site is not responsible for any direct or indirect damages incurred by the investors as a result of the use of the information on the Site, deficiencies in the sources, damages incurred by profit, moral damages, or damage to third parties.