About Ogci climate investments llp
Ogci Climate Investments LLP: Accelerating the Industry Response to Climate Change
The Oil and Gas Climate Initiative (OGCI) is a CEO-led consortium of 13 major oil and gas companies that are committed to taking action on climate change. The OGCI was established in 2014 with the goal of accelerating the industry's response to climate change by investing in innovative technologies, promoting best practices, and collaborating with governments, NGOs, and other stakeholders.
One of the key initiatives of OGCI is Ogci Climate Investments LLP (OCI), which was launched in 2016 as a $1 billion fund dedicated to investing in promising technologies that can significantly reduce greenhouse gas emissions. OCI focuses on three main areas: carbon capture, utilization, and storage (CCUS); methane detection and reduction; and improving energy efficiency.
Carbon Capture, Utilization, and Storage
CCUS is a critical technology for reducing greenhouse gas emissions from industrial processes such as power generation, cement production, steelmaking, and chemical manufacturing. CCUS involves capturing carbon dioxide (CO2) from industrial sources before it enters the atmosphere; transporting it via pipelines or ships; injecting it into underground geological formations for long-term storage; or using it for enhanced oil recovery or other industrial applications.
OCI has invested in several CCUS projects around the world that have demonstrated promising results. For example:
- Net Power: A natural gas power plant in Texas that uses a novel combustion process called Allam Cycle to generate electricity while capturing all CO2 emissions without any additional cost.
- Carbon Clean Solutions: A UK-based company that has developed an affordable solvent-based technology for capturing CO2 from flue gases at industrial sites.
- Solidia Technologies: A US-based company that has developed a low-carbon cement production process using CO2-cured concrete technology.
Methane Detection and Reduction
Methane is a potent greenhouse gas that is emitted during oil and gas production as well as coal mining. Methane has about 84 times more warming potential than CO2 over a 20-year time frame. Therefore reducing methane emissions can have significant climate benefits.
OCI has invested in several methane detection technologies such as:
- Bluefield Technologies: A US-based company developing an autonomous underwater vehicle equipped with sensors to detect methane leaks from offshore oil platforms.
- GHGSat Inc.: A Canadian company operating satellites equipped with high-resolution sensors capable of detecting methane leaks from various sources including oil fields.
- SeekOps Inc.: A US-based company developing drone-mounted sensors capable of detecting methane leaks from pipelines.
Improving Energy Efficiency
Energy efficiency improvements can help reduce energy consumption while maintaining or increasing productivity levels. OCI invests in companies developing innovative solutions aimed at improving energy efficiency across various sectors such as transportation, buildings, industry etc., some examples include:
- Echogen Power Systems: An Ohio based firm working on waste heat recovery systems which convert waste heat into electricity
- Achates Power Inc.: Developing efficient internal combustion engines
- BuildingIQ Inc.: An Australian firm providing building automation software solutions aimed at optimizing HVAC systems thereby reducing energy consumption
Conclusion
Ogci Climate Investments LLP represents one of many initiatives undertaken by OGCI member companies towards addressing climate change concerns through investment into sustainable technologies aimed at reducing GHG emissions across various sectors including but not limited to Oil & Gas sector . By focusing on CCUS , Methane Detection & Reduction , Energy Efficiency improvements , OCI aims not only accelerate development but also deployment these sustainable solutions globally thereby contributing towards achieving net-zero targets set by countries worldwide .
oilandgasclimateinitiative.com
