Oil CEOs push carbon-capture efforts ahead of climate talks

(Reuters, 23 Sep 2019) A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York.

Oil chiefs grappling with growing demand for action to fight climate change have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp (OXY.N) CEO Vicki Hollub, say could make drilling carbon neutral.

With fossil fuel development growing worldwide, the oil and gas industry faces growing criticism from activists concerned about accelerating climate impacts from melting ice caps to sea-level rise and extreme weather. Scientists say the world needs to halve greenhouse gas emissions over the next decade to avoid catastrophic warming.

Carbon dioxide emissions hit a record 37 billion tonnes in 2018, with emissions from oil and gas reaching 12.8 billion tonnes that year, according to a United Nations Science Advisory Panel released Sunday.

Carbon sequestration technology traps carbon in caverns or porous spaces underground. A number of oil and gas CEOs say the technology will be crucial to meeting goals set in the 2016 Paris agreement on climate change to reduce global emissions.

“A lot of people don’t even know what CCUS is. I think the world is going to hear more and more and more about it,” BP plc (BP.L) CEO Bob Dudley said. “I don’t think we can meet the Paris goals without CCUS.”

The group, known as the Oil and Gas Climate Initiative (OGCI), said it aims to double the amount of carbon dioxide stored globally by 2030. The group is also taking steps to reduce methane emissions and increase energy efficiency.

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Reuters, 23 Sep 2019: Oil CEOs push carbon-capture efforts ahead of climate talks