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Abstract:
We question whether the oil and gas sector can be relied upon to take the lead in upscaling carbon dioxide removal (CDR). Analyzing the annual reports and sustainability documents published in 2024 by the 12 oil and gas firms that are part of the Oil and Gas Climate Initiative (OGCI), we find that all firms maintain nominal net zero targets, but are vague on how they plan to scale CDR. Instead, CDR reporting is project-focused, anecdotal and combined piecemeal into an existing raft of initiatives and apparent investments into “climate solutions” consistent with the private sector turn towards environmental, social, and governance (ESG) disclosure and self-regulation. Afforestation/reforestation is the most commonly mentioned CDR approach in the guise of “nature-based solutions”, often signalling linkages to developing world projects, offsets, and carbon forestry. Certain firms emphasise direct air capture and carbon storage (DACCS) and appear to seek a first-mover advantage in the context of reinforcing rather than diversifying fossil fuel extraction and production. We map this emerging integration of CDR onto the business and political strategies of oil and gas firms, and point to three possible “directions-of-travel” that firms might follow as discourse and policy on CDR develops. As it stands, we are skeptical that the sector can yet be relied upon to scale CDR, and highlight that CDR approaches may well serve as promissory technologies for the oil and gas industry to hedge against climate policy and delay decarbonization.
