Petrobras to join Oil and Gas Climate Initiative

Brazil’s state-run oil firm Petrobras has revealed it will join the Oil and Gas Climate Initiative (OGCI) after it signed a letter of engagement to become a member of the global industry body.

OGCI was launched in 2014 as a voluntary CEO-driven organisation which intends to lead the international oil and gas industry’s response to climate change.

The body aims to increase the ambition, speed and scale of initiatives undertaken as individual companies try to reduce the greenhouse gas footprint across their core businesses.

As a member of OGCI, Petrobras will collaborate with a number of major oil players in the organisation including BP, Saudi Aramco, Shell, CNPC, Eni, Pemex, Repsol, Statoil and Total.

OGCI’s existing members account for more than a quarter of global oil and gas production.

“By joining OGCI, one of the industry’s leading initiatives on climate change response, Petrobras renews its commitment to reducing emissions and to a more efficient energy matrix and reinforces its strategic command to be fully prepared for a low carbon world,” said Petrobras CEO Pedro Parente.

OGCI’s billion-dollar investment arm also supports the development and low emissions technology. In December last year, OGCI Climate Investments joined the Breakthrough Energy Coalition (BEC), co-founded in 2015 by Bill Gates.

BEC aims to accelerate the commercialisation of new energy technologies which could limit the impact of climate change.