PetroChina joins COP28 oil, gas emissions agreement to advance climate goals
Date
7/22/2024 4:51:43 AM
(MENAFN) PetroChina has recently aligned itself with the COP28 Presidency’s “Oil and gas Emissions Pact,” a significant step aimed at accelerating efforts to reduce emissions. This commitment underscores a major push towards climate change mitigation and energy transition. With PetroChina's participation, the pact now includes 53 companies, collectively responsible for approximately 40 percent of global oil production. Notably, over 60 percent of these companies are national oil firms, marking the highest number of national oil companies ever committed to such an emissions reduction initiative.
The Charter established by the pact sets ambitious goals for oil and gas companies, including achieving climate neutrality by 2050, eliminating methane emissions, and halting gas flaring by 2030. It also emphasizes adherence to global best practices in emissions reduction and the need for significant investments in the development of future energy systems.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and President of COP28, highlighted the importance of PetroChina's commitment during his address at the 8th Ministerial Meeting on Climate Action in Wuhan, China. He noted that PetroChina’s involvement significantly strengthens China’s role in global emissions reduction and serves as a catalyst for other international entities to follow suit. Al Jaber emphasized that the success of the COP28 presidency in reaching the historic “UAE Agreement” last December was built on solidarity and collective action. He pointed out that PetroChina’s participation, representing about 3.5 percent of global oil production, is a crucial addition to the “Oil and Gas Sector Emissions Reduction Charter” launched at COP28, and it is expected to contribute to meaningful progress in reducing sector emissions.
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