Today in Washington DC, OGCI Climate Investments held its inaugural Venture Day to fund promising technologies and business models in methane detection, measurement and mitigation.
Up to USD $20 million in funding has been committed to invest in technologies and innovations with the potential to significantly reduce methane emissions across the energy value chain. From 56 applications from around the world, including the US, Canada, Europe, the UK, Australia, New Zealand, and Singapore, 10 applicants were shortlisted and invited to pitch their ideas to OGCI Climate Investments and their venture partners. Winners will be announced at the Oil and Gas Climate Initiative’s annual CEO event in September, to be held this year in conjunction with Climate Week in New York.
Venture Day was opened by Oil and Gas Climate Initiative CEO Steering Committee Chair and BP CEO Bob Dudley, who shared his views on the critical role that gas has to play in the energy transition and the importance of investment and innovative thinking to solve the methane emissions challenge. Dr. Pratima Rangrajan, CEO of Climate Investments, welcomed the applicants and shared CI’s vision for helping entrepreneurs measure their success not only by looking at financial returns but also by considering their ability to reduce greenhouse gas emissions, CI’s overarching goal.
Venture Day finalists also attended breakout sessions to challenge the proposed technologies and to actively discuss ways to deploy new business models. Additionally, Venture Day featured external guests including Mark Brownstein, Senior Vice President of Energy at Environmental Defense Fund, who discussed the importance of methane mitigation and the climate challenge and Marco Alvero, CEO of SNAM, who shared a midstream perspective. With the event taking place just ahead of the World Gas Conference, the role of natural gas was emphasized as an integral part of our global energy mix.
Methane emissions reduction is one of OGCI Climate Investments’ focus areas and one that can create quick wins to have a positive impact, faster, on climate change. The unique model of Venture Day, with its investment support and unique deployment opportunities, will help us accelerate the entry of viable methane detection, measurement and mitigation technology solutions to market.
The 10 finalists presenting at Venture Day are: