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CEOs of Oil & Gas majors pen open letter on pandemic recovery and carbon commitments

26/05/2020
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CEOs of the Oil and Gas Climate Initiative (OGCI) member companies have published an open letter to reinforce their dedication to combating climate change and take additional measures in the wake of the coronavirus pandemic and global lockdown. 

The OGCI comprises 12 major Oil & Gas companies and was set up to support the 2016 Paris Climate Agreement

The OGC was set up in 2014 to drive collaboration between Oil & Gas supermajors to support the Paris Agreement, accelerate the reduction of greenhouse gas emissions and lead a transition to a low carbon future. It includes the CEOs of 12 companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total. Collectively the companies invest over $7 billion each year in low carbon solutions and have set up a $1 billion fund for further investment in solutions to decarbonise sectors like Oil & Gas, industrials and commercial transport. 

The latest open letter has been signed by all 12 member CEOs and includes pledges to:

  1. Accelerate emissions reduction through investment and development of low-carbon solutions.
  2. Support the development, implementation and scale-up of innovative low carbon solutions through the $1 billion OGCI Climate Investments fund.
  3. Advance opportunities to scale up commercially viable, environmentally responsible and safe carbon capture, utilisation and storage (CCUS) technology.
  4. Continue to support governments as they design efficient policies that can accelerate energy transitions while stimulating economic growth.

The organisation stresses that it is making these commitments “despite the challenging times”, reflecting that the recent pandemic has revealed the importance of collaboration and solidarity. Their belief is that the crisis has “crystalised our focus on what is essential: health, safety and protection of the environment”.

It ends with a promise for the companies to do their part in emerging from this crisis, supporting economic recovery and transitioning to a low-carbon future.

The full letter can be read below, or can be found on the OGCI website.

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The open letter was signed by all 12 CEOs, agreeing to do what was necessary to recover economically from the Covid-19 pandemic while reducing emissions in line with climate commitments

The unprecedented challenges the world is facing force us all to sharpen our focus on what really matters. Our immediate priority, as CEOs, is to do everything we can so that our people and communities are safe and capable of confronting the pandemic effectively. We will work to help the world recover from the economic shock of this crisis that has undoubtedly hit some more than others yet impacts us all.

We have heard concerns that this crisis may push oil and gas companies – and governments around the world – to delay climate action. The reality is that rather than shifting our priorities, the Covid-19 crisis is further crystallizing our focus on what is essential: health, safety and protection of the environment while providing the energy and vital products that society needs to support economic recovery.

OGCI members' shared mission since our formation in 2014 is to act collectively in combating the climate challenge and to accelerate the global response to the risk of climate change even as we support economic growth. We are dedicated within OGCI and in our own companies to maintaining this mission.

Climate change is a reality facing us all that requires a consistent and dedicated approach. The most successful responses to this pandemic around the world reveal how collaboration and solidarity are essential when facing global issues. This serves to reinforce the value of our collective effort to address the climate challenge through the collaboration among governments, businesses, civil society and the broader population. Advances in technology, more effective policy and infrastructure investments will all be needed to address the scale of the climate challenge.

For its part, OGCI and its member companies reiterate our continued efforts and pledge to:

  • Accelerate emissions reduction efforts in our own companies, such as through continued reductions in methane emissions. We are taking action in our individual companies to sustain investments and technology development in low-carbon solutions, so we can continue to meet OGCI's collective, as well as each companies' specific, climate commitments.
  • Continue to support the development, implementation and scale-up of innovative low carbon solutions in oil and gas, other industries and commercial transportation through OGCI Climate Investments, our $1B+ climate investments fund.
  • Advance opportunities to scale up commercially viable, environmentally responsible, and safe carbon capture, use and storage in close collaboration with Clean Energy Ministerial countries to decarbonize multiple industrial sectors, and through OGCI Climate Investments.
  • Continue to support governments as they design efficient policies that can accelerate energy transitions, while stimulating economic growth, working in particular with our partners like the International Energy Agency, the Clean Energy Ministerial and the Global Methane Alliance.

With the whole world cooperating – one region, one country, one community after another – to contain the pandemic, we have seen the importance of innovation, collaboration and courage to progress towards a healthier future for all. As all eyes look for the most effective approaches to emerge from this crisis, you can count on us to do our part. We will continue to work with others to support economic recovery and to transition to a healthier, lower-carbon future.

Bernard Looney
BP Plc

Mike Wirth
Chevron Corporation

Dai Houliang
CNPC

Claudio Descalzi
Eni S.pA.

Eldar Saetre
Equinor ASA

Darren Woods
ExxonMobil Corporation

Vicki Hollub
Occidental

Roberto Castello Branco
Petroleo Brasiliero SA

Josu Jon Imaz
Repsol S.A.

Ben van Beurden
Royal Dutch Shell plc

Amin Nasser
Saudi Aramco

Patrick Pouyanné
Total S.A.

 
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CEOs of Oil & Gas majors pen open letter on pandemic recovery and carbon commitments - Time to read 5 min
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