Oil and Gas Decarbonization Charter

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Recently, Conference of Parties (COP28) President Dr. Sultan Al Jaber and the Kingdom of Saudi Arabia announced the official launch of the Oil and Gas Decarbonization Charter (OGDC).

About Oil and Gas Decarbonization Charter

  • It is a dedicated initiative for the oil and gas sector.
  • It aims to induce substantial impact in addressing climate challenges.
  • Currently, 50 companies, collectively responsible for over 40 percent of global oil production, have committed to the OGDC.
  • National Oil Companies have shown historic participation, constituting over 60 percent of the total signatories, marking a noteworthy shift towards decarbonization within this sector.
  • It is integral to the Global Decarbonization Accelerator (GDA).

Key facts about the Global Decarbonization Accelerator

  • It was introduced at the World Climate Action Summit.
  • The GDA focuses on three primary pillars:
    • Scaling the energy system of the future.
    • o Decarbonizing the present energy system.
    • o addressing methane and other non-CO2 greenhouse gases.
  • This strategic plan aims for a comprehensive and simultaneous transformation of both energy demand and supply.

Q1) What is Decarbonisation?

Decarbonisation is the reduction of carbon dioxide emissions through the use of low carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.

Source: Global Initiative Launched to Accelerate Climate Action in Oil and Gas Sector