Oil & Gas Industry Group Makes Progress by Setting Methane Target
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
New York City, NY—Sept. 25—The Oil and Gas Climate Initiative (OGCI) announced Monday a new quantitative, time-bound pledge to reduce methane emissions intensity down to 0.25% by 2025, just days after U.S. oil majors Exxon, Chevron, and Occidental joined the coalition.
Investor pressure, demonstrated by high votes on methane reduction resolutions including As You Sow’s methane-focused resolutions with Exxon (39% in 2017) and Chevron (45% in 2018), continues to be a driving force behind industry action to reduce methane emissions.
Danielle Fugere, president of As You Sow, made the following statement:
“Investor pressure has helped move many of the largest oil and gas companies to reduce their methane emissions. This announced target is an important additional step, but investors must remain vigilant due to its lack of transparency on individual company progress.”
Lila Holzman, energy program manager of As You Sow, made the following statement:
“This comes at a time when the EPA just threatened common sense methane regulation with a proposed rollback. The fact that the OGCI has set a meaningful methane target shows that industry is on board with controlling emissions from upstream oil and gas operations, making such rollbacks all the more irrational.”
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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building and innovative legal strategies.