The Kingdom of Saudi Arabia and the COP28 Presidency announced on Sunday the launch of the Oil and Gas Decarbonisation Charter (OGDC), a global initiative that aims to accelerate climate action and achieve large-scale impact in the oil and gas sectors.
The OGDC has been signed by 50 companies so far, accounting for more than 40 percent of the world’s oil production, with national oil companies make up more than 60 percent of the signatories, making this the largest group of NOCs to commit to a decarbonization initiative.
COP28 President Sultan Al Jaber stated, “the launch of the OGDC is a great first step, and whilst many national oil companies have adopted net-zero 2050 targets for the first time, I know that they and others, can and need to do more. We need the entire industry to keep 1.5C within reach and set even stronger ambitions for decarbonisation.”
The signatories have pledged to achieve operations with zero net emissions by no later than 2050, to put an end to routine flaring by 2030, and to significantly reduce upstream methane emissions to near-zero levels.
“I am committed to both inclusivity and transparency. If we want to accelerate progress across the climate agenda, we must bring everyone in to be accountable and responsible for climate action,” Al Jaber said.
“We must all focus on reducing emissions and apply a positive can-do vision to drive climate action and get everyone to take action. We need a clear action plan, and I am determined to deliver one,” he added.
