In a major development for global climate action, COP28 President Dr. Sultan Al Jaber and the Kingdom of Saudi Arabia have launched the Oil and Gas Decarbonization Charter (OGDC). This industry-specific initiative aims to drive meaningful progress in combating climate change and has already secured the commitment of 50 major oil and gas companies, representing over 40% of global oil production.
Significantly, the OGDC has witnessed unprecedented participation from National Oil Companies (NOCs), who make up over 60% of the signatories. This marks a historic shift towards decarbonization within this crucial sector.
The OGDC forms a key component of the Global Decarbonization Accelerator (GDA), launched at the World Climate Action Summit on December 2nd. The GDA works across three pillars:
- Scaling the energy system of the future: This involves investing in renewable energy sources and infrastructure, ensuring a smooth transition to a low-carbon future.
- Decarbonizing the present energy system: This focuses on reducing emissions from existing energy sources through technologies like carbon capture and storage (CCS) and cleaner energy production methods.
- Addressing methane and other non-CO2 greenhouse gases: This prioritizes tackling potent greenhouse gases emitted during oil and gas operations, alongside CO2 emissions reduction.
By simultaneously tackling both energy demand and supply, the GDA aims for a comprehensive and impactful transformation of the global energy landscape.
The launch of the OGDC and its integration within the GDA framework mark a critical turning point in the fight against climate change. With leading oil and gas companies now actively contributing to decarbonization efforts, there is renewed hope for achieving a cleaner and more sustainable future for all.