OGCI Climate Investments invests in CL-Invest
Published by Bella Weetch,
Editorial Assistant
Hydrocarbon Engineering,
OGCI Climate Investments (CI), a specialist investor focused on capital-efficient decarbonisation solutions, has invested in CL-Invest AS, a company developing projects which reduce methane and flare emissions from existing oil and gas infrastructure. CL-Invest works in partnership with national oil companies (NOCs) and independent oil and gas producers to monetise emission reductions, making the projects economically-viable and as a result addressing financial barriers for climate change mitigation.
Based in Norway, CL-Invest brings with it 18 years of experience. The company is one of the first firms to develop carbon credits for methane abatement and flare reduction for the oil and gas sector in emerging markets. To date, CL-Invest has successfully monetised multiple methane-linked emissions-reduction projects in both Central Asia and Nigeria.
CL-Invest delivers an end-to-end solution covering all aspects of the carbon credit life cycle. This includes risk evaluation and project selection, project integrity, and determining the monitoring, verification and reporting regime. It also helps navigate a complex market and regulatory framework to generate financial returns for emission reductions.
Within the upstream oil and gas sector, CL-Invest focuses on small- to mid-CAPEX projects, including leak detection and repair, vapour recovery units, and flare gas recovery in Central Asia, Africa, and the Middle East.
“This transaction marks a significant expansion of CI’s financing of commercial methane mitigation activity,” CI’s Managing Director, Project Capital, James Mackey, said. “CL-Invest drives on-the-ground development of projects in regions with high emissions. It joins our diverse portfolio of methane investments, further supporting CI’s holistic approach to decarbonisation. Several of our investees find leaks cost-efficiently, and CL-Invest is among the companies helping emitters fix those leaks.”
“We are very excited to earn the trust of such an established decarbonisation investor as Climate Investments,” Arne Peder Blix, the CEO of CL-Invest, said. “We see significant alignment between the strategies and goals of both firms, and we very much look forward to [having] CI support us on our bold mission: immediate climate action through elimination of financial barriers.”
This transaction brings the total number of CI’s Catalyst Fund I investments in cutting-edge technologies and projects to 30, with 10 of them in solutions to reduce methane emissions.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/24012023/ogci-climate-investments-invests-in-cl-invest/
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