On the morning of December 3, Dubai local time, during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), the OGCI China Climate Investments, drawing on the platform of the Global Climate Action and Technology Innovation Forum, successfully held a "Methane Investment Day" event in Dubai, United Arab Emirates.The event invited relevant ministries and commissions of our country, the Oil and Gas Climate Initiative (OGCI), the internationally renowned oil companies, the Climate Investment Fund CI), investment institutions, research institutions and other nearly 100 leaders, experts and scholars attended the conference, focusing on the domestic and foreign methane emission reduction policies, technologies and industry status, in-depth discussion of methane emission reduction investment opportunities and challenges, to provide a reference for promoting China's methane emission reduction.
Mr. Xie Zhenhua Delivered A Speech
Mr. Xie Zhenhua, Special Envoy of China on Climate Change Affairs attended and addressed the event. He said that methane is the world's second largest greenhouse gas after carbon dioxide, and effective control of methane emissions has all of the climate benefit of slowing global temperature rise, the economic benefit of energy resource utilization, the safety benefit of reducing production accidents, the environmental benefit of coordinated control of pollutants, and the social benefit of promoting employment and economic growth. Methane is one of the key areas of international cooperation in addressing climate change, and the Chinese government has always attached great importance to methane emission control. OGCI China Climate Investments has taken methane emission reduction technologies in the oil and gas industry as a key investment direction, studied and sorted out domestic enterprises, established project databases, expert databases and investment maps, and successfully invested in related projects, which will play a positive role and make unique contributions to the implementation of China's Methane Emission Control Action Plan.
Address by Mr. Bob Dudley
Bob Dudley, President of the OGCI, also attended and addressed the event, saying that the COP brings together the world's major energy companies to develop policies related to climate change. He thanked petrochina for playing an important role in the OGCI cooperation and jointly established the OGCI Kunlun Climate Investment Fund. After that, Bjorn Otto Swordrup, Chairman of the Executive Committee of OGCI, Pratima Rungrajan, CEO of CI, and Wan Jun, Deputy General Manager of CPC Asset Management Company Limited, delivered speeches respectively. Mr. Sverdrup introduced OGCI's work on methane control and praised the determination and efforts of the Chinese government to develop an action plan for methane control. Ms. Runge Ruozhan congratulated OGCI China Climate Investments on its first investment, introduced CI's investment experience, shared her thoughts on the opportunities and risks in the process of technological innovation to change human destiny, and believed that large enterprises should play a leading role. Mr. Wan Jun delivered wonderful views from CNPC's methane control and emission action, CNPC asset production and finance cooperation, OGCI Kunlun Climate Fund ESG investment and other aspects.
The event was chaired by Zhou Aiguo, Vice Chairman of China Petroleum Science and Technology Association and director of OGCI China Climate Investments Strategic Advisory Committee. In the keynote speech of the conference, Yong Ruisheng, deputy general manager of CNPC Safety and Environmental Protection Technology Research Institute, introduced CNPC's practice and understanding of methane emission control in aspects of the development of strategic objectives for methane emission control, the construction of a centralized carbon asset management and control platform, methane emission pilot monitoring and associated gas recycling and utilization.
Matthew Harwood, chief strategy officer at the Climate Investment Fund, on the outlook for methane emissions reductions: He said that since its establishment in 2017, CI has completed 36 investments, of which 11 are methane emission reduction technologies. CI methane monitoring (such as satellites, aircraft and drones, etc.) and emission reduction technologies have industry-leading investment performance. CI together with OGCI China Climate Investments will contribute to methane reduction through effective impact investing!
Mr. Zhao Ziying _ Beijing Basemof Clean Energy Environmental Protection Technology Co., LTD
In the enterprise exhibition session, five enterprises, including GHGSat Inc., Beijing Blue Shell Clean Energy Environmental Protection Technology Co., LTD., Ningbo Ouyile Technology Co., LTD., Wuhan Qidakang Environmental Protection Technology Co., LTD., and Shanghai Hanjie Environmental Engineering Co., LTD., demonstrated the diversified technologies and application prospects of science and technology enterprises in the field of methane emission reduction technology. Liang Xi, Professor of University College London, Cui Yu, General Manager of Hainan International Carbon Emission Trading Center, Adam Paz, Representative of Chevron Company of OGCI Methane Working Group, Xu Jin, President of China (Mianyang) Science and Technology City New Area Eco-Energy, Environmental Protection and Low Carbon Industry Research Institute, and Wang Zhen, General Manager of China Petroleum Climate Venture Capital Co., LTD., and other industry experts and scholars carried out wonderful exchanges with enterprises.
Round Table Forum Session
Mr. Du Weidong, Deputy General Manager of petrochina Quality, Health, Safety and Environmental Protection Department, chaired the roundtable forum. Tang Xuan, Deputy Director of the President's Office of Beijing Gas International Gas Alliance, Yuan Bo, Director of Policy and Regulation Institute of China Petroleum Safety and Environmental Technology Research Institute, Matthew Harwood, Chief Strategy Officer of Climate Investment Fund, Li Tian, General Manager of Tianjin Emission Rights Exchange, Tang Renhu, General Manager of Beijing Zhongchuang Carbon Investment Technology Co., LTD., and Xue Hua, Executive Director of China Petroleum Climate Venture Capital Co., LTD. made comments on topics such as monitoring and control technologies and commercialization processes.
Mr. Zhou Aiguo Delivered A Concluding Speech
Finally, Zhou Aiguo summarized three points of understanding of methane climate investment: First, methane management and control technology investment is not only a risk investment with financial return as the core, but also an impact investment with ESG-oriented goals; Second, the investment in methane control technology is not an island investment of a single technology project, but an industrial chain investment to build a technology ecosystem; Third, investment in methane control technology is not a short-term investment that can be achieved overnight, but a strategic investment that needs a blueprint to be drawn to the end.
OGCI China Climate Investments was jointly established by China National Petroleum Corporation, Climate Investment and Hainan Free Trade Zone Open Development Equity Investment Fund, with CPC Climate Venture Capital Co., Ltd. serving as the general partner and fund manager. The Fund recognizes the Paris Agreement and the principle of carbon circular economy, and focuses on four key areas of decarbonization in energy, industry, construction and transportation according to the path of carbon reduction, carbon utilization, carbon cycle and carbon removal. The key investment directions include methane emission reduction, CCUS and carbon dioxide emission reduction, helping the whole society to decarbonize energy and create a low-carbon ecological economy modernization.
