Published on 21 September 2018


Exxon and Chevron join a climate initiative

Oil giants Chevron and ExxonMobil have joined an industry initiative to fight climate change. These are the first American to join this 2014 initiative, of which Total is a founding member.

ExxonMobil drilling operation off Guyana.

The OGCI (Oil and Gas Climate Initiative) announced in a statement that ExxonMobil and Chevron, as well as the US group Occidental Petroleum, count among its members from Monday, September 24.

Since 2014, the initiative has included groups such as the British BP, the Saudi Saudi Aramco or the French Total. But Americans, more reluctant to engage, were not yet part of the club.

"The arrival of three US companies gives us more impact in leading the sector's response to climate change," said Total's CEO, Patrick Pouyanné, on Twitter. With the accession of these three new members, the OGCI now claims about 30% of the world's oil and gas production.

In November 2016, member groups announced the establishment of a $ 1 billion investment fund, OGCI Climate Investments, to support the development of technologies that can significantly reduce gas emissions. Greenhouse effect.

300 billion dollars

Its two priorities are the deployment of CO2 capture, storage and recovery technologies, as well as the reduction of methane emissions from the sector.

Each of the three new members will pay $ 100 million to this fund, says the OGCI. They also pledge to "recognize and support the Paris Agreement" on the climate, which the United States has disengaged at the initiative of President Donald Trump.

Michael Wirth, CEO of Chevron, pledged to "work constructively to address the risks of climate change". "The collective efforts of the energy sector and society will be needed" to find solutions to these risks, said his ExxonMobil counterpart, Darren Woods, quoted in the statement.

The oil and gas giants are under pressure not only from environmental NGOs, but also from investors and local authorities such as New York City. The latter had for example sued five giants of the oil industry (including Exxon and Chevron) for their alleged role in climate change but was dismissed this summer.

Writing with AFP

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