The Oil and Gas Climate Initiative (OGCI), a collaboration by the CEOs of a dozen global energy producers, said it  has reduced members’ absolute upstream methane emissions by 40% since 2017 with spending on low carbon solutions nearly doubling to $40 billion.
The collaborative launched an industry-wide initiative to reduce methane emissions to near zero, while boosting investments in decarbonization efforts, according to the annual Progress Report.


“Eliminating methane emissions from oil and gas is one of the quickest ways” to meet the targets set by the United Nations climate accord in 2015, said Executive Committee Chair Bjorn Otto Sverdrup.  

“But we are not stopping there – time is limited and we need many different solutions to meet net zero. Carbon capture will...