PetroChina today became the newest signatory of COP28’s Oil & Gas Decarbonization Charter (OGDC), joining more than 50 oil and gas producers that have committed to reducing emissions. With the addition of PetroChina, the charter’s signatories now represent more than 42 percent of global oil production.
“We launched the Oil & Gas Decarbonisation Charter at COP28 in recognition of the need for inclusivity and transparency. We must bring everyone in to be accountable and responsible for climate action, and that includes including oil and gas companies in the conversation and making them active drivers of practical solutions to keep 1.5C within reach,” stated Dr. Sultan bin Ahmed Al Jaber, COP28 President.
PetroChina’s commitment to green development
Huang Yongzhang, president of PetroChina, reiterated the company’s commitment to green development and the transition towards a green and low-carbon future with a three-step approach of ‘clean substitution, strategic replacement, and green development’.
“While providing oil and gas, we are promoting the transformation of PetroChina into an integrated energy company covering oil, gas, thermal energy, electricity, and hydrogen,” Yongzhang added.
PetroChina is actively advancing the industrialization of carbon capture, utilization and storage (CCUS) through demonstration projects. By joining the charter, the company will actively promote green and low-carbon practices. This will also contribute the wisdom and strength of PetroChina to the global green and low-carbon transition.
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Accelerating sector’s decarbonization
Launched at COP28, the OGDC aims to accelerate the oil and gas industry’s decarbonization in line with the Paris Agreement. The OGDC is part of the Global Decarbonisation Accelerator (GDA), a series of landmark initiatives that aim to propel the energy transition and drastically reduce global emissions.
All signatories to the charter commit to working towards a set of ambitions, including meeting emissions targets and investing in the energy system of the future. They also commit to measuring emissions and publicly reporting their progress towards meeting the OGDC’s goals. In addition, they commit to improving transparency and collaboration.
OGDC signatories include international oil companies, national oil companies (NOCs), and independent producers.
Since its launch, the OGDC secretariat has developed a structured training program that focuses on high-impact priorities. For 2024, priorities include reducing methane emissions and flaring, decarbonization strategies, and reporting GHG emissions.
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