How are oil and gas firms integrating carbon dioxide removal into their climate strategies?

[Geoengineering News]

https://www.sciencedirect.com/science/article/abs/pii/S2214629625003184

Authors

William F. Lamb, Sean Low, Leo-Michael Gordon, Maisa Mattila

25 July 2025

https://doi.org/10.1016/j.erss.2025.104237

Highlights

•Analyses how oil and gas firms are engaging in carbon dioxide removal (CDR).

•Focuses on their annual financial and sustainability reporting

•Broad commitments to net-zero are not supported by plans to scale CDR.

•Most firms reference “nature-based solutions”, few discuss novel methods

•Current CDR integration supports greenwashing and entrenched fossil production.

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. 

Source: ScienceDirect