OGCI announces three investments in low emissions technologies

“The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale.”

    OGCI also releases its third annual report today, which shows the progress made towards tackling some of the industry’s biggest challenges and shares new partnership agreements that support OGCI’s ambitions.
In a joint statement, the ten CEOs who lead OGCI said: “Natural gas is a vital part of the transition to a lower carbon future. Our aim is to work towards near zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared to coal.” OGCI is partnering with United Nations Environment and the Environmental Defense Fund to provide financial and technical backing for the world’s first global methane study to fill gaps in the identification and quantification of global methane emissions. This project has the potential to inform new policy and will help to identify new initiatives to reduce emissions. Erik Solheim, Executive Director of UN Environment, said:
“Oil and gas industry leaders have a critical role to play in our efforts to take on climate change and limit the global temperature rise. We are counting on groups such as OGCI to support the needed shift in the way we produce and consume energy. Partnerships like this are extremely important. They’re not only about financial support, but concrete action – because this is how success will be measured.”
    Investments announced today by OGCI Climate Investments
Solidia Technologies, a US-based cement and concrete production company. Their patented technology allows for the production of cement in a way that generates fewer emissions; CO2 is then used rather than water to cure the concrete. Solidia’s innovative technology has the potential to lower emissions in concrete production by up to 70% and water consumption by up to 80%. Companies like Solidia demonstrate how carbon dioxide can be re-used successfully from both an environmental and a commercial perspective.  Achates Power, a company developing more efficient vehicle engines. Achates Power develops innovative high-efficiency opposed-piston engines with the potential to substantially reduce the greenhouse gas emissions produced by vehicles. With investment from OGCI Climate Investments, as part of a broader consortium alongside engine makers, Achates Power aims to accelerate its technology deployment worldwide.  A project that aims to design a full scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability. OGCI Climate Investments will work with the project team on a commercially viable concept and basic engineering design that can receive government support and attract private sector investors. OGCI Climate Investments is the billion-dollar investment fund established last year by OGCI. The fund invests in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions. OGCI Climate Investments is building a network of partners and coinvestors in key sectors to leverage the expertise of this global network. Source / More: OGCI oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>

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