Launched at COP28 in 2023, and implemented by the Oil and Gas Climate Initiative, the Oil and Gas Decarbonization Charter (OGDC) is a pledge for energy companies to take concrete steps to accelerate the decarbonization of the industry. The OGDC has over 55 signatories, with activities in 104 countries, representing ~45% of global oil production.*

Since its launch at the end of 2023, theCharter has built a robust operating structure and established itself as a hub of valuable knowledge and guidance for signatories, the broader industry and external stakeholders.

* or 38% of global oil and gas production

In its inaugural year, the OGDC has delivered in 3 key areas:

1. Launched the Baseline for Action report, the industry’s largest voluntary data-gathering exercise on climate performance. This report provides a foundation that will help the OGDC track progress over time.
2. Grew to >55 signatories with activities in 104 countries, representing ~45% of global oil production.*
3. Developed the Collaborate & Share program, the cornerstone of the OGDC’s efforts to accelerate climate action. Signatories gain access to international industry knowledge and resources from measurement and reporting to methane mitigation and the development of corporate decarbonization strategies for Scope 1 & 2 emissions to support them in tracking and reducing emissions.

* or 38% of global oil and gas production

By joining the Charter, companies agree to the following aims:

• Net-zero operations by or before 2050
• Near-zero upstream methane emissions by 2030
• Zero routine flaring by 2030
• Set and share 2030 Scope 1 & 2 emissions ambitions

Additionally, signatories recognize the need to:

• Report on progress in accordance with internationally recognized frameworks
• Collaborate on reducing Scope 1 & 2 emissions and share environmental best practices
• Invest in the energy systems of the future, including the electrification of upstream operations, deployment of CCUS and use of low-carbon hydrogen

Transparency and accountability are prerequisites for meaningful collaboration among Charter signatories and for tangible results. The Charter calls on signatories to measure and publicly report on their emissions reduction performance and progress. All are encouraged to adopt best practices in their target setting and transition planning. The Collaborate & Share program is one of the ways the Secretariat supports this aim.  

The OGDC has implemented a multi-year approach for the adoption of a common reporting framework, while working with signatories to enhance data quality over time. We rely on the foundational data collected in our Charter Baselining Survey to monitor progress.

Inclusivity and collaboration are at the heart of how we work.

The OGDC provides signatories free access to shared best practices, toolkits and strategic and technical support workshop, and the opportunity to engage in peer-to-peer collaboration through workshops, technologies deployment or partnerships. Signatory companies also benefit from training and tools to integrate enhanced measurement and data reporting against recognized international frameworks.

This means companies who are further along in their journey can support those marking their first steps towards climate action.

We have a lot to accomplish, and our priority is to deliver concrete climate action. The OGDC’s shared focus in the years ahead is to intensify our collective decarbonization efforts by prioritizing improvement in the following areas:

• Measurement, reporting, and action plans
• Aiming for near zero methane emissions by 2030 and stop routine flaring by 2030
• Setting interim targets