OGCI Announces Program To Seek Methane-Emission Solutions
A billion-dollar fund will be available for innovations in flare minimization, venting elimination, fugitive-emissions reduction, and complete combustion.
The investing arm of the Oil and Gas Climate Initiative (OGCI) has announced a program to accelerate the reduction of methane emissions by making capital available for commercially viable projects. In 2019, oil and gas operations created approximately 80 mt of methane emissions, according to the 2020 International Energy Agency global methane tracker.
OGCI Climate Investments is focused on financing or investing in global projects that can rapidly deploy solutions to reduce methane and carbon dioxide emissions and recycle or store carbon dioxide. Its $1-billion-plus fund invests in solutions within the oil and gas, industrials, and commercial transport sectors.
The company collaborates primarily with innovators, investors, and governments to fund and implement these near-term solutions.
Regarding OGCI’s search for investment opportunities in methane reduction; CO2 efficiencies; and carbon capture, utilization, and storage, OGCI Climate Investments CEO Pratima Rangarajan said, “We find opportunities every day; it’s not for a lack of problems to solve.”
Project proposals may include solutions in areas such as flare minimization, venting elimination, fugitive-emissions reduction, and complete combustion. The company is particularly seeking business models that can scale up, be replicated, and encourage broader industry adoption.
The application window opened on 15 June and will close on 14 September 2020.
OGCI Climate Investments was launched in 2016 by the 10-company OGCI, a CEO-led consortium that aims to accelerate the industry response to climate change. It is jointly funded by member companies, which represent more than 20% of the world’s oil and gas production.