Launching the “Oil and Gas Sector Emissions Reduction Charter” to accelerate the pace of climate action

T + T- Normal size

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, President of the COP28 Conference of the Parties, confirmed that in line with the vision of the leadership in the UAE, the COP28 Presidency is keen to activate the participation of all sectors in global climate action efforts, to build a better future for humanity and the planet, and ensure prosperity. Economic for everyone.

This came on the occasion of the launch, yesterday, by the COP28 Presidency and the Kingdom of Saudi Arabia, of the “Oil and Gas Sector Emissions Reduction Charter,” a global charter aimed at accelerating and expanding the scope of climate action in industrial sectors.

To date, 50 companies have signed the charter, representing more than 40% of global oil production, of which national oil companies constitute more than 60%. This is the largest number of national oil companies committed to an initiative to reduce emissions.

His Excellency Dr. Sultan Ahmed Al Jaber welcomed the launch of the charter, describing it as an important first step and a pioneering initiative that witnesses a large number of national oil companies joining the Climate Neutrality 2050 initiative for the first time. His Excellency stressed the need for all companies in the sector to build on this step and intensify their efforts to preserve It is possible to avoid the rise in global temperature exceeding 1.5 degrees Celsius, and to set more ambitious targets to reach climate neutrality.

His Excellency pointed out the commitment of the COP28 presidency to include everyone and follow the highest standards of transparency, and the need for the concerted efforts of all companies and sectors in the required work, adopting a positive and practical mentality with a focus on reducing emissions, and applying the principles of supervision and follow-up to achieve tangible progress in climate action. His Excellency stressed the keenness of the conference presidency to present a clear action plan for the oil and gas sector, to reach its desired climate goals.

The signatory countries are committed to following a set of measures in their operational operations, with the aim of achieving climate neutrality by 2050 or before, eliminating methane emissions, and stopping gas flaring by 2030.

The companies joining the charter agreed to continue to follow the best global practices used in the sector to reduce emissions, and to take a number of key measures, which include investing in the future energy system, including renewable energy sources and low-carbon fuels, enhancing cooperation and following the principles of transparency, follow-up, monitoring and verification in a comprehensive manner. Independently from greenhouse gas emissions, evaluate the progress made to reduce emissions, and adopt global best practices to accelerate the process of reducing operational emissions, leading to reducing the emissions of all companies in the sector by the year 2030, and ensuring energy security.