As COP28 unfolds, a groundbreaking development has emerged with 50 global oil and gas companies signing the Oil and Gas Decarbonization Charter (OGDC), marking a historic commitment to accelerate climate action. Launched by the COP28 Presidency and the Kingdom of Saudi Arabia, the charter aims to propel the industry towards decarbonization and align with the objectives of the Paris Agreement.

The OGDC outlines key commitments, including achieving net-zero operations by 2050, terminating routine flaring by 2030, and minimizing upstream methane emissions to near-zero levels. Notably, over 60% of the signatories are National Oil Companies (NOCs), representing the largest-ever number of NOCs engaging in a decarbonization initiative. This reflects a significant shift in the industry, with a majority of NOCs taking historic steps toward decarbonization.

Dr. Sultan Al Jaber, COP28 President, emphasized the importance of the OGDC as a crucial first step. While acknowledging the adoption of net-zero 2050 targets by many national oil companies, he stressed the need for the entire industry to set even stronger decarbonization ambitions to keep the 1.5°C target within reach.

The signatories commit to collaborating with governments, investing in the energy system of the future, and enhancing transparency, including measurement, monitoring, reporting, and independent verification of greenhouse gas emissions. The charter also emphasizes the urgency of addressing climate change collectively, requiring robust action from both energy producers and consumers.

Among the 50 signatories are prominent National Oil Companies and International Oil Companies, including ADNOC, Saudi Aramco, Shell, BP, Eni, and TotalEnergies. The charter is a pivotal initiative under the Global Decarbonization Accelerator (GDA), focusing on scaling the energy system, decarbonizing the current energy system, and addressing non-CO2 greenhouse gases.

While the OGDC represents a significant stride towards industry-wide decarbonization, stakeholders recognize the need for continued efforts and engagement with customers, investment in renewable energy, and alignment with best practices. The charter is poised to play a vital role in advancing the collective response to climate change, contributing to a more sustainable and inclusive global energy transition.

COP28 UAE, held at Expo City Dubai from November 30 to December 12, 2023, provides a platform for global leaders, industry representatives, and other stakeholders to address climate challenges and accelerate progress toward climate goals. The OGDC stands as a testament to the industry's commitment to transformative climate action and collaborative efforts to achieve a low-carbon future.