[3] The industry-led Oil and Gas Climate Initiative (OGCI) was created in 2014 by CEOs of the world's largest energy companies to "seek action" to support the Paris Agreement.
[1] The member companies which include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total, represent over "32% of global operated oil and gas production.
"[1] As part of their initiative to "improve their environmental reputation" the OGCI announced at an event held in London, that they would be investing $1bn over the next decade in "innovative low emissions technologies".
[4][2] The Telegraph had predicted that the OGCI could face "fierce scrutiny and accusations of "greenwashing" for the announcement which some environmentalists saying that "the 'big oil' business model is fundamentally incompatible with avoiding dangerous climate change.
"[1] Among the actions to meet their targets of reducing carbon intensity, the OGCI listed "improving energy efficiency, minimizing flaring, upgrading facilities and co-generating electricity and useful heat.
[1] By October 2019, the fossil-fuel executives said that until recently they had been making progress in cutting back on routine flaring, where vast amounts of natural gas are burned off as a waste "by-product" during the extraction of crude oil.
[1] OGCI Climate Investments focus on "innovative companies that are ready to be commercialized" in collaboration with "global co-investors and industrials to achieve speed and scale.