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Poll results: The OGCI’s climate initiatives are not an effective use of resources

30/09/2019
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Last week the Oil & Gas Climate Initiative outlined their latest investments and plans for low-carbon technologies and projects. But we wanted to know if engineering professionals agreed with the OGCI’s proposals, or if the resources involved could be better used elsewhere.

This is what you said:

The majority of engineering professionals believe that the OGCI's climate initiatives are an ineffective use of resources

The initiatives in question included plans to unlock large-scale investment in carbon capture, use and storage (CCUS); plans to implement a new carbon intensity target on upstream oil and gas operations in addition to continuing to reduce methane intensity; and pledging to attribute an explicit or implicit carbon value across all member companies.

A $1 billion fund known as the OGCI Climate Investment has been set up to achieve these goals.

71.43% of respondents to our poll believe that “the initiatives will not lead to effective action and resources would be better used elsewhere.” 

Despite the OGCI’s intention to meet the goals of the Paris Climate Agreement, it seems that the proposed initiatives are not winning over engineers who work within the industry. Unfortunately for the consortium of Oil & Gas CEOs that make up the group, this also reflects the views of many in the public, with a recent poll showing that 65% of US adults believe the industry was “doing too little” towards fighting climate change. 

There has been particular criticism on CCUS initiative which, through a KickStarter investment, aims to double the amount of CO2 that is stored by 2030. With carbon capture technology still in the early stages of development, it’s unclear how effectively it could be scaled up - particularly in such a relatively short time-frame. It’s not surprising to see many disillusioned with the significant investment that would be required in attempting to fast track the development and implementation of an unproved technology, rather than putting those resources to other uses.

The OGCI is a group comprised of Oil & Gas industry CEOs
(Image via OGCI)

Just 28.57% supported the goals of the OGCI. With the group led by CEOs of major companies such as BP, Chevron, ExxonMobil, Saudi Aramco, Shell, Total and Eni, there is a lot of industry power behind the initiatives. With the investments already planned, it will have to be seen if engineers will come around to the proposals once they begin to be implemented.

Have your say

Do you agree with the results of our poll? Or were your views not reflected? Comment below to have your say on the OGCI’s latest plans. The best comments will be featured in this week’s EngineeringPro newsletter.

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Poll results: The OGCI’s climate initiatives are not an effective use of resources - Time to read 3 min
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