Oil and gas companies pledge to cut carbon
The Oil and Gas Climate Initiative (OGCI) - which represents some of the world's largest oil and gas companies including BP, Shell, and Exxon, have announced new targets to reduce carbon intensity across the oil and gas industry.
As reported by BusinessGreen, The OGCI have agreed to a collective reduction in emissions to 20kg to 21kg CO2e/boe (equivalent kilograms of CO2 per barrel of oil) by 2025, down from a baseline of 23 kg CO2e/boe in 2017.
The move is part of a raft of measures to bring the industry more in line with the Paris Agreement.
While the new targets have been broadly welcomed, critics have pointed out that they do not cover the use of oil and gas products and that the use of carbon intensity targets means actual emissions could conceivably rise if demand increases.