OGCI members set 2025 emissions intensity target Report

Insight 23 July 2020

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Report summary

On 15 July, the Oil and Gas Climate Imitative (OGCI) set a target to reduce the group’s overall Scope 1 and 2 emissions intensity from operated assets by 9% to 13% by 2025 compared to 2017 levels. Based on the existing portfolios of the members, we forecast the group average emissions intensity is likely to decline 6% by 2025, meaning more action will be needed to meet the target. Together with the individual corporate targets announced over the past six months, the new OGCI target is another positive step in demonstrating the commitment of oil and gas companies to climate change action. However, the path to a low-carbon future is long, and further, bolder steps will be needed to get there. This insight assesses the ambition of the target, including both how achievable it is based on existing portfolios and mitigation measures, and whether it goes far enough towards meeting Paris Agreement objectives.

Executive summary
The facts
Our take
- Is focusing on emissions intensity rather than absolute emissions the best approach?
- Emissions intensity is just for operated assets – is this enough?
- What about Scope 3?
- Where do LNG and GTL fit into the picture?
- What happens after 2025?
- How can OGCI members meet this target?
- Electrification:
- Reducing methane leakage:
- Eliminating routine flaring:
Wood Mackenzie Emissions Benchmarking Tool