Cop28: Oil Giants Pledge to Decarbonize

At COP28, 50 oil and gas firms, comprising 40% of global oil production, committed to the Oil and Gas Decarbonization Charter (OGDC). They aim for
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Synopsis:

At COP28, 50 oil and gas firms, comprising 40% of global oil production, committed to the Oil and Gas Decarbonization Charter (OGDC). They aim for net-zero operations by 2050, ending flaring by 2030, and reducing methane emissions. The initiative seeks to align energy practices with global transition goals.

 

Article:

The Oil and Gas Decarbonization Charter (OGDC) witnessed 50 major oil and gas companies at COP28 in the United Arab Emirates. This consortium, representing over 40% of global oil production, pledges a profound shift towards sustainability. The charter outlines ambitious targets for these firms, emphasizing net-zero operations by 2050, cessation of routine flaring by 2030, and nearly eliminating upstream methane emissions.

Dr. Sultan Al Jaber, COP28 President, emphasized the OGDC's significance, acknowledging the commitment of national oil companies (NOCs) that constitute over 60% of the signatories. He stressed the necessity for the entire industry to strive for stronger decarbonization ambitions to align with climate goals.

This charter stands as a key initiative under the Global Decarbonization Accelerator (GDA), launched during the World Climate Action Summit at COP28. It draws insights from diverse stakeholders, including international organizations, governments, NGOs, and industry CEOs, ensuring a comprehensive approach to energy transition.

Several NOCs and international oil companies signed the OGDC, pledging commitment to adopt sustainable practices. Their combined efforts aim to invest in renewables, low-carbon fuels, and technologies for negative emissions. Additionally, they seek to intensify measurement, reporting, and verification of greenhouse gas emissions, aligning with industry best practices to accelerate decarbonization.

Organizations such as the International Association of Oil and Gas Producers (IOGP), Methane Guiding Principles (MGP), Oil and Gas Climate Initiative (OGCI), and the Environmental Defense Fund (EDF) expressed intent to collaborate. They plan to assist OGDC members in reducing methane emissions and flaring by leveraging expertise and forming collaborative frameworks.

IOGP's CEO highlighted their capability to address methane emissions, emphasizing efforts in developing materials supporting emission reduction. OGCI, through its Satellite Monitoring Program, aims to aid in identifying and addressing methane emission sources. EDF pledged expertise in methane monitoring and emissions reporting to support companies in meeting their commitments.

Signatories to the OGDC:

 National oil companies:

1.     ADNOC,

2.     Bapco Energies,

3.     Ecopetrol,

4.     EGAS,

5.     Equinor,

6.     GOGC,

7.     INPEX Corporation,

8.     KazMunaiGas,

9.     Mari Petroleum,

10.Namcor,

11.National Oil Company of Libya,

12.Nilepet,

13.NNPC,

14.OGDC,

15.OMV,

16.ONGC,

17.Pakistan Petroleum Limited (PPL),

18.Pertamina,

19.Petoro,

20.Petrobras,

21.Petroleum Development Oman,

22.Petronas,

23.PTTEP,

24.Saudi Aramco,

25.SNOC,

26.SOCAR,

27.Sonangol,

28.Uzbekneftegaz,

29.ZhenHua Oil and

30.YPF.

 Private oil companies:

1.     Azule Energy,

2.     BP,

3.     Cepsa,

4.     COSMO Energy,

5.     Crescent Petroleum,

6.     Dolphin Energy Limited,

7.     Energean Oil & Gas,

8.     Eni,

9.     EQT Corporation,

10.ExxonMobil,

11.ITOCHU,

12.LUKOIL,

13.Mitsui & Co,

14.Oando plc,

15.Occidental Petroleum,

16.Puma Energy (Trafigura),

17.Repsol,

18.Shell,

19.TotalEnergies,

20.Woodside Energy Group.

Conclusion:

The commitment of 50 prominent oil and gas companies to the Oil and Gas Decarbonization Charter (OGDC) signifies a significant leap towards sustainability. This collective initiative, targeting net-zero operations, cessation of routine flaring, and reducing methane emissions, underlines a pivotal shift in the industry's focus toward global climate goals.

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