Oil and Gas Climate Initiative

The Oil and Gas Climate Initiative (OGCI), is an international industry-led organization which includes 12 member companies from the oil and gas industry: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and TotalEnergies represent over "30% of global operated oil and gas production." It was established in 2014 and has a mandate to work together to "accelerate the reduction of greenhouse gas emissions" in full support of the Paris Agreement and its aims."

Their mandate says that they will "seek actions" to "accelerate and participate in the energy transition." On November 4, 2016 OGCI announced the creation of the OGCI Climate Investments fund which will invest $1 billion over 10 years in companies or projects that reduce "methane emissions from gas production", on projects or "technologies to capture and either use or store carbon emissions", as well as on energy efficiency.

The fund invests in reducing the carbon footprint of the oil and gas industry and other emitting sectors, rather than in renewable energy. Former BP CEO Bob Dudley is the chair of the OGCI CEO steering committee and Bjørn Otto Sverdrup is the chair of the OGCI executive committee. Pratima Rangarajan is the CEO of OGCI Climate Investments.

The industry-led Oil and Gas Climate Initiative (OGCI) was created in 2014 by CEOs of the world's largest energy companies to "seek action" to support the Paris Agreement. The member companies which include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total, represent over "32% of global operated oil and gas production."

As part of their initiative to "improve their environmental reputation" the OGCI announced at an event held in London, that they would be investing $1bn over the next decade in "innovative low emissions technologies". The announcement, which was planned to "coincide" with the Paris agreement which came into effect on the same day. The Telegraph had predicted that the OGCI could face "fierce scrutiny and accusations of "greenwashing" for the announcement which some environmentalists saying that "the 'big oil' business model is fundamentally incompatible with avoiding dangerous climate change." The Telegraph said that OGCI chair and BP CEO Bob Dudley makes more than 1 billion a year.

On September 22, 2019, the OGCI hosted an "invitation-only forum" on the "sidelines" of the September 23, climate action summit organized by the UN secretary general, António Guterres, which was held in New York. The day before the UN "climate action summit"—which included "[W]orld leaders, academics, government representatives and environmentalists" came together for The UN "climate action summit"—OGCI oil and gas executives held their own "closed high-level discussion" with key stakeholders. According to The Guardian, critics said that the OGCI was "attempt[ing] to influence negotiations in favour of fossil fuel companies."

On September 23, the OGCI held their formal forum at the Morgan Library and Museum, New York.

In 2017, OGCI members developed a baseline of "aggregated upstream oil and gas operations emissions" of 24 kg CO2e/boe.