12/02/2023 | Press release | Distributed by Public on 12/02/2023 05:27
(Dubai, U.A.E. - Dec. 2, 2023) "It is a very big deal that 50 companies responsible for 40% of global oil production have agreed to virtually eliminate their methane pollution. Today's pledge follows a months-long push to get oil and gas producers to reduce this potent climate pollutant, which is responsible for up to a third of current warming.
"As announced by Conference President Dr Sultan Al Jaber, the Oil and Gas Decarbonization Charter commits companies to limit methane pollution to just 0.2% in their production operations by 2030 - an ambitious but absolutely achievable target. It also calls for the elimination of routine flaring and requires companies to provide full, transparent, independent reporting of emissions using internationally recognized standards.
"I am especially pleased to see the participation of many national oil and gas companies, a major industry segment that has been largely absent from the methane dialogue.
"Today's announcement could reduce methane emissions by each company signing by as much as 80 to 90%. Coupled with the methane regulations finalized by the U.S. government today and measures in the forthcoming UAE/China/US summit, this will be the single most impactful day I've seen at any COP in 30 years in terms of slowing the rate of warming.
"Even with this major step forward, there is much more that needs to be done to address the climate crisis. The industry must do more than methane reductions; business as usual will not meet this moment. They must rapidly increase deployment of clean energy.
"Later today, Bloomberg Philanthropies will be announcing a $40M campaign to hold the oil and gas industry accountable to these commitments. I'm very grateful to Mike Bloomberg for his support of this effort, and his long-time leadership to reduce methane pollution. This Oil and Gas Methane Accountability Partnership, led by EDF, the UN Environment Program's International Methane Emissions Observatory, and the International Energy Agency, will ensure that industry follows through on the commitments announced by Dr. Sultan today."
Fred Krupp, President, EDF
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