Representing more than 40% of global oil production, 50 oil and gas companies have joined the Oil and Gas Decarbonization Charter (OGDC) to accelerate decarbonization in the industry, in support of Paris Agreement ambitions. National Oil Companies (NOCs) represent over 60% of the signatories – the largest number of state-owned petroleum companies to commit to a decarbonization initiative.
Launched during the COP28 summit in Dubai on December 5 by the COP28 Presidency and the Kingdom of Saudi Arabia, the OGDC serves as a critical milestone in accelerating the global oil and gas industry’s decarbonization roadmap.
“The launch of the OGDC is a great first step – and while 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,” stated Dr. Sultan Al Jaber, COP28 President. “We need the entire industry to keep 1.5°C within reach and set even stronger ambitions for decarbonization.”
Signatories of the charter have committed to net-zero operations and methane emissions by 2050, ending routine gas flaring by 2030, and investing in renewable energy development, low-carbon fuels and negative emissions technologies.
What’s more, the signatories agreed to increasing transparency through enhanced measurement, monitoring, reporting and independent verification of greenhouse gas emissions, while reducing energy poverty and providing secure energy to support socioeconomic development in emerging economies.
NOC signatories of the OGDC include the UAE’s Abu Dhabi National Oil Company, Saudi Arabia’s Aramco, Austria’s OMV, Norway’s Equinor, Malaysia’s Petronas, Japan’s Inpex and India’s Oil and Natural Gas Corporation. Notable International Oil Companies that signed that charter include Eni, ExxonMobil, Oxy, Shell and TotalEnergies.
The OGDC serves as a key initiative under the Global Decarbonization Accelerator (GDA), which was launched in Dubai on December 2 during the World Climate Action Summit. Centered on three key pillars, the GDA is a comprehensive plan focused on scaling up future energy systems, decarbonizing current energy systems and mitigating methane and other non-CO2 greenhouse gases.
