According to Efe, fifty companies accounting for 40% of global oil production signed this Saturday the Oil and Gas Decarbonization Charter, an initiative promoted by the COP28 Presidency, the United Arab Emirates and Saudi Arabia.
According to the news agency, the 50 signatories, 60% of which are national oil companies, have pledged to have “carbon neutral operations” by 2050, stop flaring gas by 2030 and cut methane emissions to near zero.
These companies include Abu Dhabi National Oil Company (ADNOC), the Abu Dhabi National Oil Company led by COP28 President Sultan Al Jaber, as well as Aramco, as well as major European companies such as Repsol, Norway’s state-owned Equinor and France’s TotalEnergies .
Dubai is hosting the 28th UN Climate Change Conference (COP28).
In the letter, these oil companies agree to take a range of measures to reduce emissions, such as investments in renewable energy, “low-carbon fuels” and “negative emissions technologies.”
Signatories also commit to increasing transparency through “independent measurement, monitoring, reporting and verification” of greenhouse gas emissions, reducing energy poverty and providing “safe and affordable” energy to support the development of all economies.
“If we want to accelerate progress across the climate agenda, we must hold all stakeholders accountable for climate action. We must all focus on reducing emissions and apply a positive vision to galvanize action on climate change and get everyone to act,” Al Jaber said as quoted by Efe.
Author: Lusa
Source: CM Jornal
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