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UAE, Saudi launch landmark Oil and Gas Decarbonization Charter

Today, the COP28 Presidency, in collaboration with the Kingdom of Saudi Arabia, unveiled the groundbreaking Oil and Gas Decarbonization Charter (OGDC).

This global industry Charter is designed to accelerate climate action and bring about significant impact within the oil and gas sectors.

Currently, 50 companies, constituting over 40 percent of global oil production, have pledged their commitment to the OGDC.

Notably, National Oil Companies (NOCs) make up over 60 percent of the signatories, marking the highest-ever participation of NOCs in a decarbonization initiative.

COP28 President Dr. Sultan Al Jaber said, “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.”