The investment arm of the Oil & Gas Climate Initiative (OGCI) has launched a new programme to invest in methane-reduction projects that can deliver significant near-term benefits, in an effort to mitigate the risk that oil and gas operators may backtrack on emissions targets amid severe budget cuts.

The organisation is accepting applications through 14 September for proposals that use existing methods and technologies to cut methane emissions at any stage of oil and gas production.

Near-term fixes may include flare minimisation, the elimination of methane venting and reduction of "fugitive" emissions.