COP28: Historic Oil & Gas Decarbonization Charter, Propelling Global Climate Action Forward

MAHABAHU TEAM (From COP28, DUBAI)

Dubai, December 2, 2023 – The second day of the COP28 World Climate Action Summit in Dubai marked a historic turning point in the global fight against climate change.

The day witnessed the launch of transformative initiatives, with the groundbreaking Oil and Gas Decarbonization Charter (OGDC) taking center stage.

Collaboratively introduced by the COP28 Presidency and the Kingdom of Saudi Arabia, the OGDC stands as a testament to the industry’s commitment to high-scale impact in decarbonizing the oil and gas sectors.

Alongside this landmark announcement, the Local Climate Action Summit (LCAS) convened by Bloomberg Philanthropies added another layer of significance, recognizing the pivotal role of subnational leaders in achieving ambitious climate goals.

Oil and Gas Decarbonization Charter (OGDC)

The OGDC, unveiled on December 2, represents a paradigm shift in the oil and gas industry’s approach to climate action. Fifty major companies, collectively responsible for over 40 percent of global oil production, rallied behind the charter’s ambitious goals.

Noteworthy is the unprecedented commitment from National Oil Companies (NOCs), comprising over 60 percent of the signatories, marking the largest-ever number of NOCs participating in a decarbonization initiative.

At the heart of the OGDC are commitments that echo the urgency of addressing climate change. Signatories pledge to achieve net-zero operations by 2050 at the latest, signaling a transformative transition toward sustainable practices. The charter outlines a roadmap for eliminating routine flaring by 2030 and achieving near-zero upstream methane emissions.

This strategic direction aligns with the industry’s acknowledgment of its role in mitigating climate change and contributing to the global effort of limiting temperature rise to 1.5 degrees Celsius.

COP28: Historic Oil & Gas Decarbonization Charter, Propelling Global Climate Action Forward

Dr. Sultan Al Jaber, pivotal in the OGDC’s formulation and the COP28 Presidency, emphasized the historic significance of the charter. “The launch of the OGDC is a great first step – and whilst 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 decarbonization.”

In addition to decarbonization commitments, the charter emphasizes industry best practices and transparency. Signatory companies commit to substantial investments in the energy system of the future, embracing renewables, low-carbon fuels, and negative emissions technologies.

Increased transparency is a key focus, calling for enhanced measurement, monitoring, reporting, and independent verification of greenhouse gas emissions. The commitment extends to aligning with broader industry best practices to accelerate decarbonization and reduce emission intensity by 2030 collectively.

The OGDC is an integral component of the broader Global Decarbonization Accelerator (GDA), officially launched at the World Climate Action Summit on the same day. The GDA adopts a comprehensive approach, addressing three pivotal pillars: rapidly scaling the energy system of tomorrow, decarbonizing the energy system of today, and targeting methane and other non-CO2 greenhouse gases.

Informed by the insights of key stakeholders, including international organizations, governments, policy makers, NGOs, and CEOs from diverse industrial sectors, the GDA represents a systemic plan for transformative change.

Local Climate Action Summit (LCAS)

Simultaneous to the OGDC’s unveiling, the LCAS, convened by Bloomberg Philanthropies, took center stage. This summit marked the first-ever inclusion of subnational leaders at a COP, recognizing their critical role in achieving ambitious climate goals.

Over 450 attendees from 60+ countries, including more than 250 mayors and governors, gathered to discuss and drive greater integration in four key areas: transforming local climate finance, integrating local contributions to enhance global action, fast-tracking the local energy transition, and strengthening local resilience and adaptation.

Distinguished speakers at the LCAS included UN Secretary-General António Guterres, European Commission Executive Vice President Maroš Šefčovič, and Xie Zhenhua, Special Envoy for Climate Change of the People’s Republic of China.

Dr. Sultan Al Jaber, expressing his pleasure at meeting inspirational leaders, stated, “LCAS formally recognizes the critical role of local leaders in reducing emissions, addressing climate risk, and supercharging national efforts to move further and faster on climate progress.”

A pivotal outcome of the LCAS was the launch of the ‘Coalition for High Ambition Multi-Level Partnerships’ (CHAMP). Developed in consultation with subnational and national leaders, CHAMP is a pioneering initiative recommending a new process for local and regional leaders to contribute to the development of updated and ambitious Nationally Determined Contributions (NDCs).

Endorsed by 63 national governments, CHAMP fosters collaboration between national and subnational levels, aiming for a new, inclusive, and ambitious approach to updating NDCs.

Mike Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, and Founder of Bloomberg Philanthropies, announced a new $65 million commitment to support local climate action. This funding reflects Bloomberg’s ongoing commitment, bringing his total support for cities in reducing emissions to over $650 million.

“In 2015, after decades of being sidelined, mayors crashed the Paris COP and pushed national leaders into signing a first-ever global agreement. This year, for the first time ever, local and regional leaders have been formally invited to participate in the proceedings – which reflects how the ambitions and influence of cities have continued to grow,” said Mike Bloomberg.

Today’s LCAS builds on the Climate Summit for Local Leaders convened by Mike Bloomberg and Paris Mayor Anne Hidalgo eight years ago on the sidelines of COP21. Bloomberg Philanthropies released a report titled “Paris to Dubai: Local Climate Leadership in Action,” outlining the historic progress cities and regions have made and highlighting steps for greater ambition and partnership.

A Clear Path Forward

The events of December 2, 2023, at COP28 in Dubai mark a transformative moment in the global efforts to combat climate change. The launch of the Oil and Gas Decarbonization Charter signifies a commitment from major industry players to align with ambitious targets, moving towards a sustainable and low-carbon future.

Simultaneously, the Local Climate Action Summit underscores the importance of subnational leaders in the fight against climate change. CHAMP, the newly launched coalition, provides a framework for collaboration between national and subnational levels, emphasizing an inclusive and ambitious approach to updating climate targets.

As COP28 unfolds, these initiatives pave the way for intensified global collaboration, transparency, and innovation in climate action. The commitments made today not only reflect the urgency of the climate crisis but also set a clear path forward for a more sustainable and resilient world.

The global community, including governments, businesses, and local leaders, must now build on these foundations to ensure a just and equitable transition towards a net-zero future.

The synergy between international and local efforts creates a powerful momentum that can reshape our collective response to the defining challenge of our time.

02-12-2023 ( Dubai)

Mahabahu.com is an Online Magazine with collection of premium Assamese and English articles and posts with cultural base and modern thinking. You can send your articles to editor@mahabahu.com / editor@mahabahoo.com (For Assamese article, Unicode font is necessary)