Page 35 - Plastics News October 2018

CompAny nEwS

ExxonMobil, Chevron and Occidental Petroleum join oil industry

climate group

il and gas giants ExxonMobil, Chevron, and Occidental development of low emissions technology and business
OPetroleum have joined a group of some of the world's models.
biggest fossil fuel companies that have pledged to work Pratima Rangarajan, CEO of Climate Investments, said
together to reduce greenhouse gas emissions across their
the OGCI did "feel an urgency" in tackling climate change,
explaining the aim of the group's investment arm was
to focus on lowering methane emissions, scaling carbon
capture, utilisation and storage (CCUS) technologies,
improving energy efficiency, and cutting transport
emissions.
The OGCI said the new members were aligned with the
group's collective goals of recognising and supporting
the Paris Agreement and collectively reporting emissions
reductions. Each new member will also contribute $100m
to the OGCI Climate Investment fund, which supports the
development of low emissions technology and business
operations. The three US companies will become official models. The group has previously boasted about its
members of the Oil and Gas Climate Initiative (OGCI) from efforts to engage with the low carbon economy and step
24 September - boosting the organisation's reach to cover up investment in low carbon technologies. Only this
around 30 per cent of all global oil and gas production. The week Shell became the latest member to set a target to
OGCI, which was set-up in 2014, aims to bring together cut methane emissions, while also pledging to improve
the biggest oil and gas producers to increase the ambition, emissions reporting practices.
speed, and scale at which companies reduce greenhouse But climate campaigners have remained wary of the group's
gas emissions. Members include BP, Shell, Saudi Aramco, commitment to decarbonisation, noting that many of the
Total, Eni, Equinor, CNPC, Pemex, Repsol, and Petrobras. companies involved remain committed to investment plans
The OGCI said the new members were aligned with the that appear incompatible with the Paris Agreement. But
group's collective goals of recognising and supporting for campaigners pushing for ambitious climate action, hav
the Paris Agreement and collectively reporting emissions consistently accused the OGCI of providing major fossil
reductions. Each new member will also contribute $100m fuel companies with a "greenwashing" platform.
to the OGCI Climate Investment fund, which supports the

Your feedback matters...

Do let us know what you feel about this issue of Plastics News.
Send us your thoughts at publication@aipma.net

Thank you, in advance.

For Advertisements kindly contact:

Ms. Priyanka H. Sakpal - +91 22 6777 8817
priyanka@aipma.net

October 2018 Plastics News 2018 Plastics News
35
37 October