Last week the Houston Chronicles run an article that should be appealing to environmentalist and shocking to Global Warming opposition who are still in denial. But is it truly the case?
“Exxon, Chevron, Occidental join European climate group”
This European climate group is actually the Oil & Gas Climate Initiative (OGCI).
Their Strategy officially declared as, “we develop new greenhouse gas (GHG) reduction targets for OGCI companies through engagement with a broad ecosystem of stakeholders.”
They committed to Climate Investments to lower the carbon footprint. In an official statement,
“Climate Investments is our $1B+ investment fund established to lower the carbon footprint of the energy and industrial sectors.” $1 Billion for this huge Oil companies’ consortium it like a drop of water in the Ocean.
One of their initial investment was announced on FEBRUARY 21, 2018 where they declared that they have invested in Econic Technologies a company “that is capable of turning CO2 into something useful for people and planet”.
Probably the major US companies were not ready yet to join OGCI and put the blame on CO2 emissions the byproduct of Fossil Fuels they have been producing for over a century.
Then in March 7, 2018, the OGCI made another announcement of Venture Day “Towards Zero Methane Emissions.” They committed up to USD $20 million in investments in key business ideas and technologies that has the potential to reduce methane. This is by far a small investment toward something very vague, but its importance lies on their acceptance, beside the CO2 emissions effect, that methane emissions have similar or worst effect on the climate.
The OGCI had the European Oil majors Shell, BP and Total, as a key members with any participation companies from the USA. Then on September 20, 2018 everything changed and the Three of the largest U.S. oil companies, Exxon Mobil, Chevron and Occidental Petroleum, have joined the OGCI. It felt like a reunion and a celebration of the century old cartel collaboration, the Seven Sisters are united again but this time for a good cause, to save the planet from CO2 emissions they help create with their industrial partners and the automative industry. In a statement from Exxon’s CEO Darren Woods the reason for joining.
“It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change,”
Then another big news came few days after, on Monday, September 24, 2018. The Houston Chronicles felt the power of the OGCI after the three US big oil companies joined and it showed in their headline.
“Biggest energy companies pledge 20 percent methane emissions reduction”
Hopefully that The Oil and Gas Climate Initiative is not pulling a new PR stunt to salvage the reputation of Natural Gas as a Methane emitter and keep the pressure on the CO2 only. They want to keep Natural Gas as an energy bridge, and an alternative to coal, until renewable are ready to the task. To validate this argument the Houston Chronicles thinks so in their assessment and importance of the natural gas.
“Several energy supermajors in recent years have begun a pivot away from crude oil and toward more cleaner-burning natural gas”
