Over 50 global oil companies pledge to decarbonise operations at COP28

Over 50 companies, including Exxon and Aramco, representing more than 40% of global oil production, have pledged their commitment to the Oil and Gas Decarbonization Charter (OGDC) at COP28, reports said. Launched by the COP28 Presidency and Saudi Arabia, the OGDC aims to achieve near-zero methane emissions, end routine flaring by 2030, and attain total net-zero operations by 2050, UAE-based ARN News reported. COP28 President Dr Sultan Al Jaber sees this as a significant first step, with a record 29 National Oil Companies (NOCs) joining the decarbonisation pledge.

Signatories commit to net-zero operations by 2050, ending routine flaring by 2030, and achieving near-zero upstream methane emissions. Key actions include investing in renewables, low-carbon fuels, and negative emissions technologies, enhancing transparency in greenhouse gas emissions reporting, aligning with industry best practices for decarbonisation, and addressing energy poverty.

Al Jaber emphasises inclusivity and transparency, calling for collective accountability and responsibility for climate action. The OGDC recognises climate change as a collective challenge requiring collaborative efforts across society and the energy sector.

Beyond decarbonisation, the OGDC acknowledges the need for increased industry actions, such as engaging with customers, investing in the future energy system, and enhancing transparency. The OGDC is a key initiative under the Global Decarbonization Accelerator (GDA), launched at the World Climate Action Summit, focusing on scaling the future energy system, decarbonising the current energy system, and targeting non-CO2 greenhouse gases like methane. The GDA is a comprehensive plan informed by input from international organisations, governments, NGOs, and industry CEOs.

On the first day of the climate conference, the COP28 Presidency announced the establishment of the long-awaited Loss and Damage Fund. On the second day, Al Jaber, when addressing global leaders at the World Climate Action Summit (WCAS), launched the COP28 UAE Declaration on a Global Climate Finance Framework in response to the Global Stocktake and to keep 1.5 degrees Celcius within reach and to meet the goals of the Paris Agreement. (nsh)

Banner photo: ©UN COP28

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