By Michel Haoses.
The Baseline Report published by the Oil and Gas Decarbonisation Charter (OGDC) last week, set the foundation to help prioritise and track progress on emission reductions made by 54 oil and gas companies that have signed up to the Charter’s ambitions.
These ambitions include working toward net-zero operations by 2050, near-zero upstream methane emissions and zero routines flaring by 2030, and measuring and publicly reporting progress in meeting OGDC’s goals.
OGDC in the statement revealed the establishment of a governance framework and survey launch to determine signatories’ emissions reduction ambitions as well as implementation plans to set a baseline to track future progress. It has also implemented a Collaborate and Share programme to disseminate solutions, promote peer-to-peer collaboration, and encourage the adoption of best practices to reduce emissions.
OGDC’s three Chief Executive Champions and founding members Abu Dhabi National Oil Company (ADNOC), Chief Executive Sultan Al Jaber; Aramco Chief Executive Amin Nasser; and TotalEnergies Chairman and Chief Executive, Patrick Pouyanné, in a joint statement, said the diverse nature of signatories is an opportunity as well as a challenge as company are at different phases in their decarbonisation journeys, bringing different experiences, capabilities, stakeholders and national circumstances.
They also said signatories will have the opportunity to learn from the best practices and insights of peers from a wide range of backgrounds and from across the world.
The survey found that the majority of signatories are already consistent with the Charter’s ambitions and notes that gaps identified in the survey will help prioritise support and knowledge transfer with relevant experience.
The survey also found that the majority of the signatories already report on their greenhouse gas emissions, although there is a need for common standards and methodologies to establish a robust reporting framework for the group.
Furthermore, most of the signatories are already investing in the energy systems of the future, including renewable energy, energy storage, low-carbon fuels, hydrogen, methane abatement, carbon capture utilisation and storage (CCUS), and carbon removal technologies, and plan to increase investments.
The OGDC is an initiative launched at COP28 and is dedicated to speeding up climate action and achieving high-scale decarbonisation across the oil and gas sector.