OGCI announces three investments in low-emission technologies

OGCI announces three investments in low-emission technologies

9:16 AM, 31st October 2017
OGCI logo

LONDON, UK: The Oil and Gas Climate Initiative (OGCI) said that its first three investments, moving forward the organization’s commitments into concrete action to spur the growth of promising low carbon technologies. 

OGCI is a voluntary, CEO-led initiative which aims to lead the industry response to climate change. Launched in 2014, OGCI is currently made up of ten oil and gas companies that pool expert knowledge and collaborate on action to reduce greenhouse gas emissions.

OGCI Climate Investments is the billion-dollar investment fund established last year by OGCI. The fund invests in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions. OGCI Climate Investments is building a network of partners and co-investors in key sectors to leverage the expertise of this global network.

“The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale,” said Pratima Rangarajan, CEO of OGCI Climate Investments.

OGCI is partnering with United Nations Environment and the Environmental Defense Fund to provide financial and technical backing for the world’s first global methane study to fill gaps in the identification and quantification of global methane emissions. This project has the potential to inform new policy and will help to identify new initiatives to reduce emissions.

OGCI is also working with Imperial College London on research that aims to provide a more accurate picture of total greenhouse gas emissions across the natural gas value chain, from well to distribution.

OGCI will continue to focus on chosen key areas: 

  • Accelerating the deployment of carbon capture, use and storage (CCUS)
  • Reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas, as well as energy efficiency in transport and the oil and gas value chain.

Investments announced by OGCI Climate Investments 

Solidia Technologies, a US-based cement and concrete production company. Their patented technology allows for the production of cement in a way that generates fewer emissions; CO2 is then used rather than water to cure the concrete.

Solidia’s innovative technology has the potential to lower emissions in concrete production by up to 70 percent and water consumption by up to 80 percent. Companies like Solidia demonstrate how carbon dioxide can be re-used successfully from both an environmental and a commercial perspective.

Achates Power, a company developing more efficient vehicle engines. Achates Power develops innovative high-efficiency opposed-piston engines with the potential to substantially reduce the greenhouse gas emissions produced by vehicles. With investment from OGCI Climate Investments, as part of a broader consortium alongside engine makers, Achates Power aims to accelerate its technology deployment worldwide.

A project that aims to design a full-scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability. OGCI Climate Investments will work with the project team on a commercially viable concept and basic engineering design that can receive government support and attract private sector investors.

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