Major energy firms sign Decarbonization of oil, gas charter at COP28

(MENAFN) In a historic move, 50 of the most significant government and private energy companies, collectively representing over 40 percent of global oil production, have signed the "Decarbonization of Oil and Gas" charter. The signing ceremony took place during the conference of the Parties (COP28) held in Dubai, bringing together major players in the energy sector. Notable signatories include prominent entities such as the Emirati ADNOC, Saudi Aramco, the Libyan National Oil Corporation, Italian Eni, French Total Energies, American Exxon Mobil, and BP.

According to a statement from the COP28 presidency, the companies committing to this charter are pledging to achieve zero methane emissions and eliminate routine gas flaring by the year 2030. Additionally, they aim to attain zero emissions in production processes by 2050. This collective commitment marks a significant stride toward aligning actions with the goals outlined in the Paris Agreement.

An unprecedented number of national oil companies, totaling more than 29, have pledged their commitment to the Charter. This widespread participation underscores a growing global consensus within the oil and gas industry to address environmental concerns and actively contribute to decarbonization efforts. The Charter emerges as a crucial initiative, signaling a collective commitment from major energy players to transition towards more sustainable and environmentally friendly practices, marking a pivotal moment in the industry's trajectory towards a low-carbon future.

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