The Oil and Gas Climate Initiative (OGCI) has reported further progress in reducing emissions and accelerating low-carbon investments across its 12 member companies, according to the group’s newly released 2024 Progress Report. The independently reviewed data highlights substantial gains in methane, flaring, and carbon intensity reductions since 2017, alongside continued expansion of carbon capture, utilization, and storage (CCUS) projects worldwide.
Bjorn Otto Sverdrup, Chair of OGCI’s Executive Committee and Head of the OGDC Secretariat
Collectively, OGCI’s members — which include Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell, and TotalEnergies — have cut upstream methane intensity by 62%, routine flaring by 72%, and upstream carbon intensity by 24% compared to 2017 levels. The group’s aggregate Scope 1 and 2 emissions have fallen 25% to 304 million tonnes of CO₂ equivalent. Routine flaring reductions are also tracking closely toward OGCI’s goal of eliminating the practice by 2030.
Low-carbon investment by OGCI companies totaled $30 billion in 2024, bringing cumulative spending since 2017 to $125 billion across projects, acquisitions, and R&D. These investments span CCUS, renewable energy, carbon-efficient operations, and sustainable fuels. More than 50 CCUS projects involving OGCI members are now in various stages of development, with combined capacity potential to reduce or remove up to 500 million tonnes of CO₂ annually by 2030.
Beyond member operations, OGCI continues to scale its global impact through the Oil & Gas Decarbonization Charter (OGDC), launched at COP28. The OGDC now includes 56 signatories representing companies responsible for roughly 45% of global oil production. The initiative has adopted OGCI’s reporting framework to strengthen transparency and accountability across the sector ahead of OGDC’s second annual report, set for release at COP30 in Brazil this November.
“OGCI’s latest report shows what’s possible when ambition is matched by action,” said Bjørn Otto Sverdrup, chair of OGCI’s Executive Committee and head of the OGDC Secretariat. “Our members have again reduced methane emissions and flaring, contributing to a 25% reduction in operated Scope 1 and 2 emissions since 2017. To reach net zero within the Paris Agreement timeframe, these efforts must now extend across the industry.”
