OGDCL, PPL and GHPL along with 50 other oil and gas companies from all over the world have signed the Oil and Gas Decarbonisation Charter (OGDC), a global industry Charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors.
Signatories have committed to net-zero operations by 2050 at the latest, and ending routine flaring by 2030, and near-zero upstream methane emissions. They agree to continue to work towards industry best practices in emission reductions and a number of key actions, including:
- Investing in the energy system of the future including renewables, low-carbon fuels and negative emissions technologies.
- Increasing transparency, including enhancing measurement, monitoring, reporting and independent verification of greenhouse gas emissions and their performance and progress in reducing emissions.
- Increasing alignment with broader industry best practices to accelerate decarbonisation of operations and aspire to implement current best practices by 2030 to collectively reduce emission intensity.
To date, 50 companies, representing more than 40 percent of global oil production have signed on to the OGDC, with National Oil Companies representing over 60 percent of signatories, the largest-ever number of NOCs to commit to a decarbonisation initiative.