OGCI Climate Investments, the billion-dollar investment fund created in 2016 by the Oil and Gas Climate Initiative (OGCI), has announced its first Venture Day to be held June 25, 2018, in Washington DC.
Towards Zero Methane Emissions: A Deployment Accelerator is committing up to USD $20 million to technologies and business ideas that have the potential to significantly reduce methane emissions across the energy value chain, by addressing detection, measurement, and mitigation of the potent greenhouse gas.
“Natural gas will play a significant role in the energy transition but to maximize its full potential, we must reduce methane leaks across the natural gas value chain and support the OGCI companies in their commitment to work towards near-zero methane emissions.” explained Pratima Rangarajan, CEO of Climate Investments. “There are companies out there who have developed solutions for detection, measurement, and mitigation of methane leaks and our goal is to get them the much needed venture capital so their technology can be piloted and deployed at scale.
Although CO2 is the greenhouse gas which contributes most to global warming, methane has a stronger short term impact. “Reducing methane leakage is a quick win and will allow us to have a positive impact, faster, on climate change,” said Ganesh Kailasam, Technical Director at OGCI Climate Investments. “We believe that the unique combination of investment support and pilots/deployment opportunities offered by OGCI will allow us to accelerate bringing viable solutions to the market.”
OGCI Climate Investments is inviting applicants to submit their funding proposals by May 15, 2018. Ten to 15 of the most promising technologies and business models will be invited by June 5 to present at the Venture Day at the end of the month.
“We are looking for technology proposals in the areas of methane detection, measurement and mitigation that are well on their way to being commercialized and can make a real difference to reducing emissions in one of the three areas or combined,” added Ganesh.
“We believe there are new technologies and new business models that need to be developed; we are hoping to see some of these at our Venture Day,” said Rhea Hamilton, Ventures Director at OGCI Climate Investments. “Our goal is to foster relationships with innovative partners and co-investors who support multiple solutions across the entire energy value chain. Doing this will allow us to create a platform to standardize and deploy technologies more efficiently, on a broader scale. ”
The OGCI Venture Day is designed as an opportunity to engage with experts and to discover and challenge some of the best-in-class methane technologies and ideas. Successful applicants will benefit from working with oil and gas majors and other partners who are willing to pilot and deploy these technologies, setting OGCI Climate Investments apart from other competitions.
“Today we have USD $20 million to work with and if we find more promising technologies, we’ll fund more,” declared Pratima. “We’ve developed our Venture Day as a deployment accelerator: it’s a practical tool to advance technologies across the board and help us get towards zero methane emissions, faster.”
For more information on OGCI Climate Investments’ Venture Day please visit: http://oilandgasclimateinitiative.com/investments/ or download flyer