On the morning of December 3 Dubai time, during the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28), OGCI China Climate Investments (CCI) successfully held a Methane Investment Day event in Dubai, United Arab Emirates in the Global Climate Action & Tech Innovation Hub. There were nearly 100 attendees at the event, including experts, scholars, and representatives from relevant ministries and commissions of China, Oil and Gas Climate Initiative (OGCI), internationally renowned oil companies, Climate Investment (CI), and other investment institutions and research institutes. Focusing on the policies, technologies and industry status of methane abatement in China and other countries, the event explored the opportunities and challenges of investments in methane abatement via a series of activities such as keynote speech, company presentation, and panel discussion during the event.

Xie Zhenhua

The conference was chaired by Mr. Zhou Aiguo, Vice President of CNPC Science and Technology Association, and Director of Strategic Consultancy Committee of CCI. Mr. Xie Zhenhua, China’s Special Envoy for Climate Change, addressed the event. He said that methane is the second largest greenhouse gas in the world after carbon dioxide, and that effective control of methane emissions has multiple benefits: climate  benefit of slowing global temperature rise; economic benefit of efficient utilization of energy resources, safety benefit of reducing work accidents, environment benefit of coordinated control of pollutants, and social benefit of promoting employment and economic growth. Methane is also a cooperation focus of global climate response efforts, and China has always attached great importance to methane emissions control. 

CCI has identified methane abatement technologies in the oil and gas industry as its key investment theme, carried out researched on relevant domestic enterprises, established project pipeline database, expert resources and investment maps, and successfully invested in relevant companies. This will play a positive role in boosting the implementation of China's Methane Emission Control Action Plan and make unique contributions. 

Bob Dudley

Mr. Bob Dudley, Chairman of OGCI, also spoke at the event. He believed that COP28 is of great significance for bringing together the world's major energy companies to work on climate change-related policies. He thanked CNPC for partnering with OGCI and co-founding CCI with CI. After that, Mr. Bjørn Otto Sverdrup, Chair of the Executive Committee of OGCI, Ms. Pratima Rangarajan, CEO of CI, and Mr. Wan Jun, Deputy General Manager of CNPC Assets Management Co., Ltd. (CNPCAM), gave their remarks respectively. 

Bjorn Otto Sverdrup

Mr. Sverdrup introduced OGCI’s efforts in methane emissions control and applauded the determination and efforts of the Chinese government for the action plan for methane emissions control. 

Pratima Rangarajan

Ms. Rangarajan congratulated CCI for completing its first investment, introduced CI's investment experience, and shared her thoughts on the opportunities and risks in the process of technological innovations to change the destiny of mankind where she believed large corporations should play a leadership role. 

Wan Jun

Mr. Wan Jun shared his insights from the angle of CNPC’s methane emission control actions, CNPCAM’s industry-finance integration, and CCI’s ESG investments. 

In the keynote speech session, Mr. Yong Ruisheng, Deputy General Manager of CNPC Research Institute of Safety and Environmental Technology, introduced CNPC's practices and knowledge of methane emissions control from the perspective of formulating strategic goals, building a centralized carbon asset control platform, carrying out pilot monitoring of methane emissions, and recycling of associated gas.

Mr. Matthew Harwood, Chief Strategy Officer of CI, discussed the outlook for methane emissions, abatement technologies and regulatory regimes with other delegates. Established in 2017, CI has completed 36 investments, 11 of which were in methane abatement technologies. CI has a leading investment track record in the areas of methane monitoring (e.g. through satellites, aircrafts, and drones) and abatement technologies, he stated, adding that CI, together with CCI, will contribute to methane abatement through effective impact investments.

Beijing Blueshell Clean Energy Environmental Protection Technology Co., Ltd.

In the business exhibition session, five companies, including GHGSat Inc., Beijing Blueshell Clean Energy Environmental Protection Technology Co., Ltd.,  Ningbo Oiler Technology Co., Ltd., Wuhan Qidakon Environmental Protection Technology Co., Ltd., and HaaenClean Environmental Engineering Co., Ltd., showcased their diverse technologies and application prospects in the field of methane emission control. Great exchanges were conducted between the five companies and industry experts and scholars including Mr. Liang Xi (Professor of University College London), Mr. Cui Yu (General Manager of Hainan International Carbon Emissions Exchange), Adam Pacsi (Chevron Representative of OGCI Methane workstream), Mr. Xu Jin (President of China (Mianyang) Science and Technology City New District Eco-Energy Saving, Environmental Protection and Low Carbon Industry Research Institute), and Mr. Wang Zhen (General Manager of China Oil and Gas Climate Investments Co., Ltd., or COGCI)

Panel Discussion

Mr. Du Weidong, Deputy Manager of QHSE Department, CNPC, chaired the Panel Discussion. Ms. Tang Xuan, Deputy Director of International Gas Union President Office of Beijing Gas Group, Mr. Yuan Bo, Director of Policy and Regulations Research Division，CNPC Research Institute of Safety & Environment Technology, Mr. Matthew Harwood, CI’s Chief Strategy Officer, Mr. Li Tian, General Manager of Tianjin Climate Exchange, Mr. Tang Renhu, General Manager of SinoCarbon Innovation & Investment Co., Ltd., and Mr. Xue Hua, Executive Director of COGCI, exchanged their views on topics such as methane monitoring and control technologies and commercialization process in China. 

Zhou Aiguo

To wrap up, Mr. Zhou Aiguo summarized three highlights on methane and climate investments. First, investments in methane control technologies are more than venture capital investments for financial returns, but also impact investments with ESG-oriented objectives. Second, investments in methane control technologies are not isolated in a single technology, rather in the industrial chain for a new technology ecosystem. Third, investments in methane control technologies are not short-term, but strategic with sustained efforts.