2023-12-04 01:20:25
As part of COP28, 50 public and private companies, representing more than 40 percent of global oil production, signed the Oil and Gas Decarbonization Charter – OGDC, committing to zero carbon emissions. methane and end routine flaring by 2030, and achieve net-zero operations by 2050 at the latest. The OGDC is an important step for the oil industry to increase actions aligned with the objectives of the Paris Agreement.
The Charter’s signatories agree to drive a series of key actions, including:
– Invest in the energy system of the future, including renewable energy, low-carbon fuels and negative emissions technologies.
– Increase transparency, including improving measurement, monitoring, reporting and independent verification of GHG emissions and your performance and progress in reducing emissions.
– Increase alignment with broader industry best practices to accelerate the decarbonization of operations and aspire to implement current best practices by 2030 to collectively reduce emissions intensity.
– Reduce energy poverty and provide safe and affordable energy to support the development of all economies.
It should be noted that the program was launched with the collaboration of organizations whose reputation in climate action is solid, such as the International Energy Agency, the Environmental Defense Fund of the United Nations Environment Programme, the International Methane Emissions Observatory and the RMI, with support from Bloomberg Philanthropies.
Despite this, more than 300 climate organizations from around the world published a letter strongly criticizing the oil industry’s initiative. The organizations called on the COP28 presidency to abandon the initiative and instead focus on securing a legally binding package to phase out all fossil fuels.
The monitoring of the Oil and Gas Decarbonization Charter will be supported by a transparency and accountability initiative with at least US$40 million in support.
Data from the program — including surveillance from the MethaneSAT satellite scheduled to launch next year — is intended to arm governments, gas buyers and the public with emissions information that can be used to hold companies accountable.
Charter contributors estimate that, if the objectives are fully implemented, oil companies’ commitments under the Charter would have approximately the same impact on global temperature rise in 2050 as immediately halting emissions from all automobiles on the road today.
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Signatories of the Oil and Gas Decarbonization Charter:
Public Enterprises: ADNOC, Bapco Energies, Ecopetrol, EGAS, Equinor, GOGC, INPEX Corporation, KazMunaiGas, Mari Petroleum, Namcor, National Oil Company of Libya, Nilepet, NNPC, OGDC, ONGC, Pakistan Petroleum Limited (PPL), Pertamina, Petroleum , Petrobras, Oman Petroleum Development, Petronas, PTTEP, Saudi Aramco, SNOC, SOCAR, Sonangol, Uzbekneftegaz, ZhenHua Oil, YPF.
Empresas Privadas: Azule Energy, BP, Cepsa, COSMO Energy, Crescent Petroleum, Dolphin Energy Limited, Energean Oil & Gas, Eni, EQT Corporation, Exxonmobil, ITOCHU, LUKOIL, Mitsui & Co, Oando plc, Occidental Petroleum, OMV, Puma Energy (Trafigura), Repsol, Shell, TotalEnergies, Woodside Energy Group
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