COP28 is taking place at Expo City, Dubai, United Arab Emirates from November 30 to December 12, 2023
Exxon Mobil, a leading private oil company in the world, and Saudi Arabia’s Aramco took the lead in brokering an agreement among 50 oil and gas producers during the COP28 Climate Summit. According to Bloomberg, the commitment focuses on reducing emissions within their own operations.
However, controversy surrounds this deal as none of these companies purportedly committed to reducing their oil and gas production. Nevertheless, they pledge to nearly eliminate methane emissions and end routine flaring of natural gas by 2030, especially targeting dangerous greenhouse gases.
Sultan Al Jaber, Chairman and CEO of Abu Dhabi National Oil Company (ADNOC), invested substantial political capital in uniting the oil and gas industry to participate in climate warfare during COP28.
The 50 organizations forming the Oil and Gas Decarbonization Charter represent about 40% of the world’s oil production. Among them are 29 national oil companies, indicating slow progress in addressing methane emissions due to regulatory and investor pressures. While the goals won’t be legally binding, signatories are expected to present plans to achieve them by 2025.
Apart from Exxon, major international oil companies like Shell, BP, TotalEnergies, and Occidental Petroleum have joined this initiative. Chevron Corp and ConocoPhillips are notably absent.
The list of national oil companies includes Petrobras from Brazil, NNPC from Nigeria, and KazMunayGas from Kazakhstan. Notably, China’s largest oil and gas companies have not yet joined this alliance.
This announcement is a significant component of the Global Decarbonization Accelerator, a major initiative. It includes a commitment to triple global renewable energy projects by 2030 and strategies to address pollution in heavy industries.
What is COP?
COP stands for Conference of the Parties, referring to conferences held annually as part of the United Nations Framework Convention on Climate Change (UNFCCC). These conferences bring nations together to discuss and negotiate actions to deal with climate change. The goal of each COP is to assess progress, set targets, and negotiate agreements on solutions to global climate issues.
COP28 is the 28th United Nations Climate Change Conference, taking place from November 30 to December 12, 2023, at Expo City in Dubai, United Arab Emirates.
COP28’s Oil and Gas Decarbonization Charter: A Deep Dive into the Commitments
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