London, November 18, 2024, (Oilandgaspress) ––– The Oil & Gas Decarbonization Charter (OGDC) published on November 11, its Baseline Report, setting a foundation to help prioritize and track progress on emissions reductions made by the 54 oil and gas companies – representing almost 45% of the global oil production, that have signed up to the Charter’s ambitions.
These ambitions include to work toward net-zero operations by 2050, near-zero upstream methane emissions and zero routine flaring by 2030 in addition to measuring and publicly reporting progress towards meeting OGDC’s goals.
The publication of the Baseline Report is a key milestone for OGDC that sets out the work achieved in the first year since the initiative was launched at COP28.
OGDC’s Charter Baselining Survey found that the majority of signatories are already consistent with the Charter’s ambitions for net zero operations by 2050, and goals to reduce methane emissions to near zero and eliminate flaring by 2030. Gaps identified in the survey will help prioritize support and knowledge transfer from companies with relevant experience.
The survey also found that a majority of the signatories already report on their greenhouse gas emissions, though there is a need for common standards and methodologies to establish a robust reporting framework for the group.
According to the survey, most of the signatories are already investing in the energy systems of the future, including renewable energy, energy storage, low-carbon fuels, hydrogen, methane abatement, carbon capture utilization and storage (CCUS) and carbon removals technologies, and plan to increase investments.
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