Oil and Gas Climate Initiative and key governments further commit to CCUS

Sep 23 2019

The members of the Oil and Gas Climate Initiative (OGCI) and senior government representatives from Clean Energy Ministerial Carbon Capture, Utilization and Storage Initiative countries reaffirm their support for a worldwide CCUS industry.

The meeting, which takes place during OGCI’s annual stakeholder dialogue event in New York, will be attended by high-level representatives from the UK and the US and CEOs from OGCI member companies, in recognition of the need for strong public-private co-operation.

CEM CCUS Initiative countries and OGCI member companies intend to explore opportunities to support the commercial development of CCUS through the various stages of development. This will notably include sustained dialogue on policy and regulatory frameworks, aiming for commerciality of identified hubs and projects. This could also consider, as appropriate, mechanisms for risk management at each operational phase, knowledge sharing, storage appraisal activities, corporate and project finance and engagement with civil society.

In a joint statement, the heads of the OGCI member companies said: “Investment in CCUS must be scaled-up urgently to support achieving global climate and energy goals and the Paris agreement. This collaboration represents a unique and necessary opportunity to bring governments and industries together to help create viable market conditions to advance CCUS and its contribution towards a net zero economy. CEM CCUS Initiative countries and industry members within OGCI intend to bring their respective expertise and support to advance CCUS development and deployment across the globe.”

In a joint statement, the CEM CCUS Initiative countries said: “Governments within the CEM CCUS Initiative stress the need for close collaboration with key industries to accelerate carbon capture. CCUS technologies are well-known, but the speed of deployment is nowhere near where it should be. Accelerating CCUS requires seamless public-private cooperation and we are looking forward to driving forward strategic CCUS hubs and projects with OGCI.”

This joint declaration builds on the OGCI “Kickstarter” initiative, which is designed to unlock large-scale commercial investment in CCUS by enabling multiple low-carbon industrial hubs. There are already five hubs under evaluation by OGCI member companies, located in the UK, Norway, the Netherlands, United States and China, which would capture carbon dioxide from several industrial companies and bring economies of scale by sharing transport and storage infrastructure.

Oil and Gas Climate Initiative
CEM Initiatives

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Issue 88 - July - Aug 2021

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