Despite the record profits made by the members of Oil and Gas Climate Initiative (OGCI) last year, their low carbon investment only represents a small fraction of their overall earnings. With 12 members in total, the OGCI has committed to mitigating climate change by investing in low-carbon technologies and advocating for government policies that support the transition to a lower-carbon energy future. However, while their actions are commendable, it is clear that more needs to be done to address the urgent challenge of climate change.
1. Oil and Gas Climate Initiative (OGCI) members achieved record profits last year.
2. Low carbon investment by OGCI members is relatively small compared to their overall earnings.
3. OGCI is committed to mitigating climate change through investment in low-carbon technologies.
4. OGCI members also advocate for government policies supporting the transition to lower-carbon energy.
5. Despite commendable efforts, more action is needed to address the urgent challenge of climate change.
In 2020, the OGCI invested just 0.2% of their combined earnings of $1.1 trillion in low-carbon technologies.
However, despite the efforts of the Oil and Gas Climate Initiative's 12 members, their low carbon investment represents only a tiny portion of the immense profits they made last year.