Chinese state-run company joins COP28-launched global industry drive to
decarbonize oil and gas sector.
WUHAN, China, July 22, 2024 /PRNewswire/ -- PetroChina today
became the newest Signatory of the Oil & Gas Decarbonization
Charter (OGDC), joining more than 50 oil and gas producers
committed to reducing emissions. With PetroChina joining the OGDC,
the Charter's Signatories now represent more than 42% of global oil
production.
Dr. Sultan Al Jaber,
COP28 President, said:
"We launched the Oil & Gas Decarbonization 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 & gas companies into the conversation and making
them active drivers of practical solutions to keep 1.5C within
reach."
Huang Yongzhang, President of PetroChina said:
"PetroChina stays committed to green development and
accelerating 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. We are vigorously advancing the industrialization of
carbon capture, utilization, and storage (CCUS) through
demonstration projects.
As a signatory to the Oil & Gas Decarbonization Charter,
we will actively promote green and low-carbon practices,
contributing the wisdom and strength of PetroChina to the global
green and low-carbon transition."
Bjørn Otto Sverdrup, Head of OGDC Secretariat said:
"Welcoming PetroChina to the OGDC is a significant milestone.
The announcement by the leadership of the company signifies the
growing momentum towards industry decarbonization and further
demonstrates the important influence of Chinese oil and gas
enterprises in advancing low-carbon solutions. We look forward to
working together to achieve impact and motivate others to climate
action in line with the ambitions of the Charter."
Launched at COP28 in Dubai, the OGDC aims to accelerate the oil and
gas industry's decarbonization, in line with the goals of the Paris
Agreement. The OGDC is part of the Global Decarbonization
Accelerator (GDA), a series of landmark initiatives designed to
speed up the energy transition and drastically reduce global
emissions unveiled at COP28.
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, as well as improving transparency and collaboration.
OGDC Signatories include international oil companies, national oil
companies (NOCs) and independent producers. NOCs are owned by their
national governments and control 60% of the world's oil and gas
producers. This positions them as essential drivers of
industry-wide shift towards a lower-carbon future. With two-thirds
of OGDC Signatories being NOCs, the potential for significant
emissions reduction is substantial.
The OGDC provides a platform for Signatories, industry partners
and organizations to collaborate and share industry knowledge and
best practices. Since its launch, the OGDC Secretariat has
developed a structure training program focusing on high-impact
priorities. For 2024, priorities include reducing methane emissions
and flaring, decarbonization strategies and reporting GHG
emissions.
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