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About the charter

Read The Charter

What is the Oil & Gas Decarbonization Charter?

The Oil & Gas Decarbonization Charter (OGDC) is one of the landmark initiatives launched at COP28 by Dr. Sultan Al Jaber, COP28 President. It is a global industry effort dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sector.

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The Charter itself outlines a series of ambitions for Signatories, which will be supported by a sustained program of knowledge sharing and collaboration to accelerate action.

With its broad geographical reach, targeting producing nations in the Global North and South, the OGDC has the potential to deliver tangible outcomes in support of the world’s move to a net-zero greenhouse gas emissions future.

The OGDC is a key initiative under the Global Decarbonization Accelerator (GDA), a series of landmark initiatives launched at COP28 to speed up the energy transition and drastically reduce global emissions.

Find out who our signatories are
Read the COP28 announcement
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what are the aims of the oGDC Signatories?

Turning the collective ambition for change into action with impact, signatories support the principle and ambition of working towards achieving the aims of the Oil & Gas Decarbonization Charter:

Net-Zero Operations by or before 2050

Aim to reach net-zero CO2eq emissions (Scope 1 and 2) for operations under their control and, as applicable, engage with joint operating partners towards net-zero CO2eq emissions (Scope 1 and 2), by or before 2050.

Aiming for Near-Zero Upstream Methane Emissions by 2030

Aim to implement the action and practices needed to achieve near-zero methane emissions by 2030 at upstream operations under their control and, as applicable, engage with joint operating partners to achieve near-zero methane emissions.

Zero Routine Flaring by 2030

Aim to implement the action and practices needed to eliminate routine flaring by 2030 on all operations under their control and leverage their influence to achieve the same in their non-operated portfolio.

Continuous improvement and interim ambitions

Make public their 2030 target for Scope 1 and 2 emissions by 2025, and update that target by 2028.

Implementing best practices

Aim to implement current best practices by 2030 to reduce global average emissions intensity of the oil and gas industry.

Transparency

Facilitate cooperation and transparency across the sector and commit to publish emissions performance annually through the OGDC platform.

Measuring and reporting progress

Aim to measure, monitor, publicly report and independently verify GHG emissions and progress in reducing emissions, and to support continuous improvement in data quality, in accordance with internationally-recognized frameworks.

Contributing to the energy transition

Invest in the energy system of the future, such as renewables, low-carbon fuels, carbon capture and sequestration (CCS), low-carbon hydrogen, etc. contribute to achieving a net-zero economy.

Cooperation and collaboration

Facilitate cooperation between the sector and advocate, influence and share oil and gas decarbonization best practices related to ambition setting and transition planning.

Partner with other sectors and customers

Engage with customers, policymakers, partners, other energy-intensive industries, technology and service providers and the financial sector to help accelerate the transition to a net-zero society.

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What is the OGDC’s added value?

Climate change is a collective challenge that requires strong and focused action. While there are ongoing efforts to decarbonize the industry, the OGDC’s scale, action-oriented nature, focus on collaboration and knowledge sharing present a unique opportunity to accelerate decarbonization of the global oil and gas sector.

This applies both to its operational emissions, which account for approximately 10% of global GHG emissions*, and its role to accelerate decarbonization of the energy system.

*Per International Energy Agency and European Commission EDGAR (Emissions Database for Global Atmospheric Research)

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Significantly, a considerable number of National Oil Companies (NOCs) have joined the OGDC. With NOCs accounting for up to 60% of the world’s oil and gas resources, their public endorsement of an emissions reduction ambition is pivotal.

Approximately two-thirds of the Charter’s signatories are NOCs, presenting an unprecedented opportunity to drive lasting change. In total, current signatory companies represent over 40% of global oil production, so the potential for emissions reduction is considerable.

The Charter unites oil and gas companies with established footprints in their respective markets, notably in emerging economies, and proven capacities to scale large energy projects.

The Charter aims to support these companies in playing a critical role in fostering low-carbon solutions and accelerating the energy transition. This includes ventures in renewables, low-carbon fuels, carbon capture and sequestration (CCS), low-emission hydrogen, energy storage, and/or other technologies under development, including negative emissions technologies, such as direct air capture, which contribute to a net-zero economy.

How decisions are made

Bringing the Charter to Life

Following the OGDC’s launch at COP28, the Office of Special Envoy on Climate Change asked the Oil and Gas Climate Initiative (OGCI) to manage the OGDC’s operations for an initial period of three years, to build on the progress made to reduce carbon emissions by the members of OGCI.

The OGDC is already operational, equipped with governance structures and decision-making processes. Three rotating CEO champions – currently the CEOs of ADNOC, Aramco and TotalEnergies – lead the initiative and are supported by a Signatories Committee comprised of senior representatives from select signatory companies.

We strive to track progress of the OGDC’s ambitions through the development of a first collective baseline of the OGDC signatories, with results to be published ahead of COP29 in Baku.

Central to the Charter is the commitment to collaborate and share knowledge – work is underway to establish a platform to share best practice, latest insights and experience, and build capacity. In its first year, the OGDC Secretariat is working on a training program that focuses on priorities that deliver impact – to reduce methane emissions and flaring while working to establish emissions reporting at the companies ahead of the OGDC’s first progress report.

The OGDC is also actively engaging with industry partners and organizations such as the Methane Guiding Principles (MGP), Environmental Defense Fund (EDF), International Association of Oil & Gas Producers (IOGP), and Ipieca, among others, to work together to achieve the OGDC’s goals.

Find out more about OGCI
Find out about COP28

What are our priorities for 2024?

Operationalize the OGDC

Collaborate & share among the Signatories

Establish baseline and begin tracking progress

Partner with external stakeholders

Recruit Signatories