OGCI Climate Investments (OGCI CI), alongside its partners China National Petroleum Corporation (CNPC) and Hainan Free Trade Zone Development Equity Investment Fund Partnership (Hainan FTZ Fund), has launched the OGCI China Climate Investments (CCI) fund.
The fund will follow the model deployed by OGCI CI’s first international fund, focusing on driving near-term greenhouse gas (GHG) impact across methane emissions reduction, carbon dioxide emissions reduction and recycling or storage of carbon dioxide. CCI will also support the development, demonstration, and rapid expansion of these technologies and projects for real-world applications.
Shareholders of China Oil and Gas Climate Investments, the general partner of OGCI CCI, include CNPC Asset Management, Hainan Development Holdings, and Tianjin Climate Exchange.
“As the fund manager and general partner of CCI, we are committed to investing in technologies, seeking out innovation and commercialization models that focus on GHG impact, while simultaneously supporting China and Hainan Province’s carbon peaking and carbon neutrality goals," says Yu Jingqi, chairman of China Oil and Gas Climate Investments.
“Leveraging the policy advantages of the Hainan Clean Island National Strategy, Hainan’s status as a free trade port and the deep support of all stakeholders, the OGCI CCI fund, a joint venture between various parties, is intended to yield fruitful results, demonstrate sound ESG practice, and make positive contributions to the achievement of carbon neutrality targets," adds Hainan FTZ Fund representative Jiang Xiongbiao.
In March OGCI launched the Aiming for Zero Methane Emissions Initiative, which calls for an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety. The initiative aims to eliminate the energy industry’s methane footprint by 2030.
The initiative is already supported by the chief executives of Aramco, BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.
