PetroChina signs Oil and Gas Decarbonization Charter(OGDC), joining more than 50 oil and gas producers committed to reducing emissions. This move means that OGDC signatories now account for more than 42% of global oil production.
PetroChina signs charter and moves forward with decarbonization
COP28 Director General, Dr. Sultan Al Jaber, mentioned the importance of this charter, announced at COP28, as an effort to promote inclusiveness and transparency in climate action. In addition, Al Jaber stressed the need for oil companies to be an active part of the solution to keep the temperature increase below 1.5°C.
For his part, Huang Yongzhang, CEO of PetroChina, reiterated the company’s commitment to sustainable development and the transition to a green, low-carbon future. PetroChina is implementing a three-step strategy:“A clean substitution, strategic replacement and green development,” to transform into an integrated energy company encompassing oil, gas, thermal power, electricity and hydrogen.
The Charter was announced and launched at COP28 in Dubai, and seeks to accelerate the decarbonization of the oil and gas industry in line with the goals of the Paris Agreement. This initiative is part of the Global Decarbonization Accelerator (GDA), a set of landmark projects designed to drive the energy transition and significantly reduce global emissions.
OGDC signatories commit to achieving emissions targets, investing in future energy systems, measuring emissions and publicly reporting their progress. This includes improving transparency and collaboration between international and national oil companies(NOCs) as well as independent producers. NOCs, which control 60% of the world’s oil and gas production, play an important role in the transformation to a low-carbon future.
The OGDC provides a platform for signatories, industry partners and organizations to collaborate and share knowledge and best practices. Since its inception, the OGDC Secretariat has developed a training program focused on high-impact priorities, such as the reduction of methane emissions and gas flaring, decarbonization strategies, and theemissions, decarbonization strategies and greenhouse gas (GHG) emissions reporting.
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Source: COP28
Photo: Shutterstock
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