{"id":19599,"date":"2019-09-26T09:47:53","date_gmt":"2019-09-26T13:47:53","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=19599"},"modified":"2019-09-26T09:59:21","modified_gmt":"2019-09-26T13:59:21","slug":"2019-grades-are-in-ogci-companies-get-an-incomplete-for-climate-action","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2019\/09\/26\/2019-grades-are-in-ogci-companies-get-an-incomplete-for-climate-action\/","title":{"rendered":"2019 grades are in: OGCI companies get an \u201cincomplete\u201d for climate action"},"content":{"rendered":"

\"\"<\/a>Earlier this week, the head of EDF\u2019s energy program, Mark Brownstein, asked whether the oil and gas industry was serious about climate<\/a> and proposed that Monday\u2019s annual CEO meeting of the Oil and Gas Climate Initiative companies, which includes BP, Exxon, Shell and others, could provide an answer.<\/p>\n

I attended the meeting and listened for a real plan to transition to a low carbon economy. Though there were some bright spots, it was clear that however serious the industry is about climate, it\u2019s not serious enough. If OGCI companies, individually and collectively, are going to demonstrate that industry can be part of the climate solution at the necessary pace and scale, 2020 is going to have to be a big year.<\/p>\n

On the positive side, there is widespread agreement among OCGI members that substantial changes must be made to the energy system to reduce emissions. There were also encouraging reports about advances in methane monitoring and stated ambition to accelerate carbon removal technology, whether from the energy system or the atmosphere.<\/p>\n

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With the notable exception of Shell, however, which is taking steps to halve its net carbon footprint by 2050, no CEO stepped forward with a firm commitment on science-based targets that encompass their operations and products. A participant from civil society asked whether Shell\u2019s target could be an initial OGCI target, but no CEO answered the call.<\/p>\n2019 grades are in: OGCI companies get an \u201cincomplete\u201d for climate action <\/a><\/span>Share on X<\/a><\/span>\n

The gap between industry\u2019s rhetoric and reality is amplified by its overinvestment in the kind of fossil fuel projects that sparked the climate crisis in the first place. According to a recent Carbon Tracker report<\/a>, there are already $50 billion worth of planned oil and gas projects that will exceed Paris emission limits, with more in the queue for approval. Without firm emission reduction commitments \u2014 and capital to match them \u2014 it\u2019s impossible to square the box for a cleaner energy future. One CEO pointed out that there are a myriad of ways to meet a less than 2\u00b0C future. But, there are also countless ways to exceed it. OGCI has work to do to raise the ambition of its actions and show how its math adds up to achieving internationally shared climate goals.<\/p>\n

In the short term, a key opportunity for the OGCI companies to prove their potential is to first accelerate methane reductions across the global supply chain, where the group has shown real leadership.<\/p>\n