OGCI: COP28 Oil & Gas Decarbonization Charter an “important milestone” for the industry  

• New charter will help oil and gas industry advance climate ambitions 
• OGDC marks first time a large number of national oil companies pledge to reduce operational emissions 
• OGCI to support OGDC ambitions by sharing knowledge and experience from a decade of work to reduce emissions  

The Oil and Gas Climate Initiative (OGCI) welcomed the COP28 presidency’s launch of the Oil & Gas Decarbonization Charter (OGDC) calling it an important milestone that will help align the broader oil and gas industry towards a net-zero future.  

The OGDC was launched at COP28 in Dubai to help rally a broad set of national, private and independent oil and gas companies to implement and accelerate climate actions in support of the Paris Agreement ambitions. 

It builds on work by OGCI, an initiative led by the CEOs of 12 of the world’s leading oil and gas companies, over the past decade to reduce emissions. 

Since 2017, OGCI’s member companies have reduced collective carbon intensity a fifth, halved absolute upstream methane emissions and cut flaring by 45%. They have also invested $65 billion in low-carbon technologies and solutions while helping companies outside the group to decarbonize. 

Bjørn Otto Sverdrup, Chair of OGCI’s Executive Committee, said:

“The OGDC is an important milestone that enables more oil and gas companies, state-owned and private, to work together to achieve the ambitions of the Paris Agreement. OGCI is ready to share the knowledge, experience and best practise that we’ve gained by working on emissions reductions over the past decade.”

OGCI Executive Committee Chair, Bjørn Otto Sverdrup

The OGDC marks the first time a large number of state-owned oil and gas companies have publicly supported an ambition to reduce greenhouse gas emissions from their operations. State oil and gas companies are important because they produce over two thirds of the world’s oil and gas. 

The OGDC aims to achieve net zero from oil and gas operations by 2050. The largest single contribution would come from reducing the industry’s methane emissions to near zero and eliminating routine flaring by 2030. Other measures include deploying carbon capture and storage, electrification of upstream operations and use of low-carbon hydrogen.  

Sverdrup added that the OGDC’s target to reduce Scope 1 and 2 emissions represents a significant step forward and will make a major contribution to help advance a net-zero future.  

He added: “The future of our industry relies heavily on collaboration, transparency, and concerted effort.  

“The OGDC sets out a framework for our industry, government and other stakeholders to work together to achieve the ambitions of the Paris Agreement while seeking to ensure a sustainable, secure and affordable energy future.”  

About OGCI:  

• The Oil and Gas Climate Initiative is a CEO-led organization bringing together 12 of the world’s largest companies to lead the oil and gas industry’s response to climate change.  

• It aims to accelerate action towards a net zero emissions future consistent with the Paris Agreement. Together, OGCI member companies represent almost 30% of global oil and gas production.  

• OGCI members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.  

• In 2017, OGCI members set up OGCI Climate Investments to create a US$1 billion-plus fund that invests in companies, technologies and projects that accelerate decarbonization within energy, industry, built environments and transportation.  

• Read more about OGCI’s decarbonization efforts in our Annual Progress Report 

For media inquiries, please contact:  

Selina Williams, SelinaW@ogci.com