Today's Edition
ABU DHABI (ALETIHAD)
COP28 President Dr. Sultan Al Jaber 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 sector.
To date, 50 companies, representing more than 40 per cent of global oil production, have signed on to the OGDC, with many national oil companies taking historic first steps to decarbonisation. National oil companies represent over 60 per cent of signatories – the largest-ever number of NOCs to commit to a decarbonisation initiative.
Investing in the energy system of the future
Beyond decarbonisation, signatories recognise it is essential for the oil and gas industry to increase actions, including engaging with customers, investing in the energy system of the future, and increasing transparency in measurement, reporting, and independent verification.
Why does it matter?
The charter formalises Dr. Al Jaber’s calls for the industry to align around net zero by or before 2050, zero-out methane emissions and eliminate routine flaring by 2030, and to continue working towards industry best practices in emission reduction.
The OGDC is a key initiative under the Global Decarbonisation Accelerator (GDA), which was launched at the World Climate Action Summit on 2 December. The GDA is focused on three key pillars: rapidly scaling the energy system of tomorrow; decarbonising the energy system of today; and targeting methane and other non-CO2 greenhouse gases. It is a comprehensive plan for system-wide change, addressing the demand and the supply of energy at the same time.
