The world’s biggest oil company, Saudi Aramco, has joined an alliance of oil companies to set the first industry-wide target to help tackle the climate crisis by setting carbon emissions goals. Saudi Arabia’s state oil giant has agreed to reduce the carbon intensity of its business as part of the Oil and Gas Climate Initiative (OGCI) which includes Shell, BP and ExxonMobil. The industry-funded alliance has pledged to reduce the carbon intensity of their fossil fuel production by between 20 and 21kg of carbon dioxide per barrel of crude by 2025, or 13% below 2017 levels. To meet this target oil companies will need to reduce the methane emissions that leak from oil and gas projects, cut gas flaring, invest in carbon capture technology or even run their oil rigs using renewable energy.
Guardian 16th July 2020 read more »