Oil companies split over rigorous climate solution

The leaders of ten of the biggest, global oil companies have offered their qualified support for a new global treaty on climate change, stating, in a written declaration, that they share the ambition to limit global warming to 2 degrees C. The Oil and Gas Climate Initiative, (OGCI) as the group calls itself, comprises a wide international mix: Britain’s BP and BG Group, Shell, Saudi Aramco, Total, Statoil of Norway, Italy’s ENI, Repsol of Spain, India’s Reliance Industries, and the Mexican company, Pemex. Their recent meeting, held in Paris, on October the 16th, revealed their intention to collaborate and inspire their industry to do more to combat global climate change, and the group signed a declaration which called for “an effective climate change agreement” at COP-21 in December. Their statement also acknowledged that the existing trend of the world’s net greenhouse gas emissions is not consistent with the aim of a 2 degree C future. The companies asserted that that they would make their own production operations more efficient, vowing to collaborate to limit gas flaring from their refineries, whilst reducing methane that escapes from oil and gas installations. They claimed that they had, in fact, already reduced their emissions by 20% over the past decade. They also promised to promote natural gas as a better option than coal, and invest in carbon capture and storage, as well as renewable energy. The OGCI further promised to work with car makers and consumers to improve vehicle fuel economy. However, notable by their absence at the Paris gathering were American companies, especially Chevron and Exxon Mobil. These oil majors seem to [...]