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Sunday, Mar 03, 2024

COP28: 50 Oil and Gas Companies Commit to Accelerate Climate Action in Industrial Sector

COP28: 50 Oil and Gas Companies Commit to Accelerate Climate Action in Industrial Sector

At COP28, the COP28 Presidency and Saudi Arabia introduced the Oil and Gas Decarbonisation Charter (OGDC), aimed at boosting climate mitigation efforts within the oil and gas industries. The Emirates News Agency disclosed that 50 leading companies, contributing to over 40% of the world's oil output, are signatories to this initiative, including a record number of National Oil Companies (NOCs) making up over 60%.
The companies have pledged to achieve net-zero operations by 2050, cease routine flaring by 2030, and substantially reduce methane emissions at the source. Dr. Sultan Al-Jaber, the COP28 President, recognized the charter as an essential step forward, emphasizing the need for stronger decarbonization commitments and industry-wide engagement to maintain the possibility of limiting global warming to 1.5 degrees Celsius.

The agreement also encourages signatories to adopt industry-leading emission reduction measures, invest in clean energy and carbon-capturing technologies, help alleviate energy poverty, and ensure secure and affordable energy for diverse economies. They aim to align with best practices and expedite decarbonization, targeting significant emission cuts by 2030.

Al-Jaber called for collective responsibility and robust action among energy producers and consumers to address climate change and foster an energy transition. He highlighted the necessity of a defined strategy to guide and inspire comprehensive climate action, holding all parties accountable.

The OGDC forms part of the Global Decarbonisation Accelerator, unveiled at the COP28 World Climate Action Summit, striving for an urgent and cooperative response to the climate crisis.

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