Skip to content Skip to Search
Skip navigation

50 oil companies pledge to speed up climate action

REUTERS/Amr Alfiky
Cop28 president Sultan Ahmed Al Jaber speaks during the United Nations Climate Change Conference (Cop28) in Dubai on November 30, 2023

Cop28 president Sultan Al Jaber has launched the oil and gas decarbonisation charter (OGDC), a global industry initiative designed to speed up climate action across the oil and gas sectors.

To date, 50 companies, representing more than 40 percent of global oil production, have signed the OGDC, with national oil companies (NOCs) representing over 60 percent of signatories. This is the largest-ever number of NOCs to commit to a decarbonisation initiative.

“The launch of the OGDC is a great first step. While many national oil companies have adopted net-zero 2050 targets for the first time, I know that they and others can and need to do more. We need the entire industry to keep 1.5C within reach and set even stronger ambitions for decarbonisation,” Al Jaber said.

The signatories have committed to net-zero operations by 2050 at the latest, ending routine flaring by 2030 and near-zero upstream methane emissions.

Accelerator initiative

In addition, Al Jaber unveiled the global decarbonisation accelerator (GDA), which plans to speed up the energy transition, reduce global emissions and target methane and other non-Co2 greenhouse gases (GHGs).

The GDA is made up of key stakeholders, including international organisations, governments and policymakers, NGOs, and CEOs from every industrial sector.

“The world does not work without energy. Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” Al Jaber said.

It was also announced at Cop28 that a total of 116 countries have signed the global renewables and energy efficiency pledge, agreeing to triple worldwide installed renewable energy generation capacity to at least 11,000 gigawatts and to double the global average annual rate of energy efficiency improvements from around 2 percent to more than 4 percent every year until 2030.

Cop28 UAE is taking place at Expo City Dubai from November 30-December 12, 2023.

Latest articles

Aircraft, Airliner, Airplane

Qatar Airways to buy 49% of Rwanda’s flag carrier

Qatar Airways is expected to buy a 49 percent stake in Rwanda’s flag carrier RwandAir as early as July as part of the Gulf airline’s strategy to expand in the African continent, according to a media report. The Doha-based airline will boost Rwanda’s aviation sector and allow RwandAir to expand its operations and fleet, Financial Times […]

Money, Dollar, Adult

ADIA acquires minority stake in Fisher Investments

Private equity firm Advent International and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have agreed to take up a minority stake in US investment adviser Fisher Investments. The investment will be between $2.5 billion and $3 billion, valuing Fisher Investments at $12.75 billion. The deal, which is expected to close later this year, is subject […]

Architecture, Building, Office Building

UAE’s gold reserves rise 13% to $5.3bn

The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year. Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the […]

Airport, Adult, Female

PIF agrees to buy 15% stake in London’s Heathrow airport

Saudi Arabia’s Public Investment Fund (PIF) and Paris-headquartered private equity fund Ardian have agreed to buy Spanish infrastructure giant Ferrovial’s 37.6 percent stake in London’s Heathrow, the UK’s busiest airport. Under the agreement, PIF and Ardian will acquire 15 percent and 22.6 percent, respectively, of FGP Topco, the parent company of Heathrow Airport Holdings, for a total […]