There’s no single solution for addressing the risks of climate change. Similarly, there’s no one entity or organization capable of handling this challenge on its own.
In part, that’s why we’re joining the Oil and Gas Climate Initiative. The OGCI is a voluntary initiative of many of the world’s leading energy companies dedicated to collective efforts to reduce the risks of climate change.
By working together – and partnering with governments, academics and other parties – we can advance efforts to develop scalable, affordable solutions to reduce energy-related greenhouse gas emissions.
OGCI is just one of several organizations in which we participate to seek solutions to climate change, including IPIECA (our industry’s association for environmental and social issues) and the Climate Leadership Council. We helped launch the Global Climate & Energy Project at Stanford in 2002, and in recent years we’ve forged partnerships with more than 80 universities – including Georgia Tech, MIT, Princeton, and the University of Texas – to increase access to emerging energy research.
We’re proud to bring ExxonMobil’s considerable experience in developing low-carbon energy solutions to supplement OGCI’s efforts.
Since 2000, we’ve invested more than $9 billion in researching and developing lower-emission solutions, including carbon capture and storage technology, next-generation biofuels, cogeneration and more efficient manufacturing processes.
We’ve also taken significant steps toward reducing the greenhouse gas emissions associated with our own operations. We’ve committed to reducing our methane emissions by 15 percent and flaring by 25 percent by 2020.
We often say that our industry faces a dual challenge: meeting the growing energy needs of the 21st century economy while mitigating the risks of climate change. We’re committed to doing our part.
Our membership in the Oil and Gas Climate Initiative, like the investments we’re making in a lower-emissions energy future, is the latest demonstration of that commitment put into action.
Darren Woods is Chairman and CEO of ExxonMobil.