Fifty companies, producers of 40% of the world’s oil, promise to decarbonize by 2050

by time news

2023-12-02 14:06:07

Fifty companies, responsible for more than 40% of production overall Petroleumadhered this Saturday to the Charter for the Decarbonization of Oil and Gas, an initiative promoted by the presidency of the COP28, United Arab Emiratesy Saudi Arabia.

The signatory companies – more than half (a 60%), national oil companies – thus committed to carrying out “carbon neutral operations” by 2050, to end routine gas flaring in 2030 and to reduce methane emissions to near zero.

Among the signatories is the Abu Dabi National Oil Company (ADNOC), Abu Dhabi’s national oil company headed by the president of COP28, Sultan Al Yaber; as well as Aramco and large European companies such as Repsolthe Norwegian public Equinor and the french TotalEnergies.

Through this letter, the oil companies agreed to carry out a series of measures to cut their emissions, such as investing in renewable energy, “low carbon fuels” and “negative emissions technologies“.

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They also promise to improve transparency, via “measurement, monitoring, reporting and independent verification” of greenhouse gas emissions, and to reduce energy poverty and provide energy.segura y affordable” to support the development of all economies. “I am committed to both inclusion and transparency,” Al Yaber stated in statements offered to the media.

“If we want to accelerate progress across the climate agenda, we must hold everyone accountable and responsible for climate action. We must all focus on reducing emissions and apply a positive vision to drive climate action and get everyone world acts,” said the Emirati. “We need a clear action plan, and I am determined to present it,” he concluded.

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