COP28: Oil & Gas Decarbonisation Charter launched to accelerate climate action

COP28: Oil & Gas Decarbonisation Charter launched to accelerate climate action

The COP28 Presidency and the Kingdom of Saudi Arabia today launched the landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry Charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production have signed on to the OGDC, with National Oil Companies representing over 60 percent of signatories - the largest-ever number of NOCs to commit to a decarbonisation initiative. COP28 President Dr. Sultan Al Jaber said, “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.” Signatories have committed to net-zero operations by 2050 at the latest, and ending routine flaring by 2030, and near-zero upstream methane emissions. They agree to continue to work towards industry best practices in emission reductions and a number of key actions, including: - Investing in the energy system of the future including renewables, low-carbon fuels and negative emissions