Developed by the Oil and Gas Climate Initiative, the Aiming for Zero Methane
Emissions Initiative aims to eliminate the O&G industry methane footprint by 2030
CHICAGO (November 15, 2022) ― John Crane, a global leader in rotating equipment and energy transition technologies and services, is pleased to announce it has joined the Oil and Gas Climate Initiative’s (OGCI) Aiming for Zero Methane Emissions Initiative in support of their mission to eliminate 30% of methane emissions from all sources by 2030.
Established in 2014, the OGCI is a CEO-led group that aims to accelerate the industry’s response to climate change and help drive the energy transition through significant reductions in greenhouse gases.
Incubated by the OGCI and its member companies, the Aiming for Zero Methane Emissions Initiative was launched in early 2022 to rethink how the oil and gas industry approaches methane emissions and its harmful effects on the environment. This initiative recognizes that virtually all methane emissions from the industry can and should be avoided. Supporting companies like John Crane who join the initiative strive to have a positive influence on reducing methane emissions from the oil and gas industry and agree to do what it takes to reach near-zero methane emissions in their operations, reporting transparently, and supporting the implementation of sound regulations.
“Joining the Aiming for Zero Methane Emissions Initiative underscores our commitment to helping customers with their energy transition and decarbonization goals,” said Rebecca Steinmann, Director, Greenhouse Gas Emissions Control. “We are proud to join our oil and gas industry customers and peers to tackle methane emissions reduction targets, and excited to introduce new solutions to avoid methane emissions and supplement monitoring and measurement technologies.”
According to a February 2022 press release issued by the International Energy Agency, methane is responsible for around 30% of the rise in global temperatures since the Industrial Revolution, and quick and sustained emission reductions are key to limiting near-term warming and improving air quality. Methane dissipates faster than carbon dioxide but is a much more powerful greenhouse gas during its short lifespan, meaning that cutting methane emissions would have a rapid effect on limiting global warming.
“We are proud to welcome John Crane to the Aiming for Zero Methane Emissions Initiative,” said OGCI Chair Bob Dudley. “Recognizing that eliminating methane emissions from the oil and gas industry represents one of the best short-term ways of addressing climate change, and I encourage others to join this ambitious effort to eliminate the oil and gas industry’s methane footprint by 2030.”
John Crane is a global leader in rotating equipment solutions, supplying mission critical flow control technologies and services to process industries for increased efficiency, emissions reduction and energy transformation. The company designs and manufactures a variety of products, including mechanical seals and systems, couplings, filtration systems and digital diagnostics technologies. John Crane customer service is accessed through a global network of more than 200 sales and service facilities in over 50 countries. Global reported revenue for fiscal year 2022 $1.2 billion USD. John Crane is part of Smiths Group, a global leader in applying advanced technologies for markets in threat and contraband detection, energy, communications, and engineered components. John Crane committed to net-zero greenhouse gas emissions from operations by 2040, and the UN Race to Zero Business Ambition to 1.5°C, in support of the Paris Agreement.
Aiming for Zero Methane Emissions Initiative
The Aiming for Zero Methane Emissions Initiative was launched in March 2022 by the CEOs of the OGCI member companies. All energy companies involved in the exploration, extraction and/or production of oil or natural gas can join as Signatories at no financial cost. Other organizations striving to have a positive influence on reducing methane emissions from the oil and gas industry can join as Supporters. Companies joining the Initiative agree to do what it takes to reach near zero methane emissions in their operations, reporting transparently, adopting better monitoring and measurement technologies and supporting the implementation of sound regulations.
About Oil and Gas Climate Initiative
OGCI was established in 2014. The CEO-led initiative comprises Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies. OGCI supports the goals of the Paris Agreement, limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C, and recognizes that there is a real urgency to act. OGCI supports moving to a net-zero carbon emission future. This will require international collaboration and an energy transition and a reduction in greenhouse gas emissions from oil and gas. OGCI and its members companies, by taking individual and collective actions, will help accelerate the energy transition through deep reductions in greenhouse gases.