COP29: The Oil & Gas Decarbonization Charter publishes its first report to baseline, prioritize and track progress on emissions reductions

On November 11, the Oil & Gas Decarbonization Charter (OGDC) released its Baseline Report, establishing a foundation to prioritize and monitor emissions reduction efforts among its 54 member oil and gas companies, which account for nearly 45% of global oil production.

The Charter’s goals include reaching net-zero operations by 2050, achieving near-zero upstream methane emissions, and ending routine flaring by 2030. OGDC signatories are also committed to tracking and publicly reporting their progress toward these objectives.

Publishing the Baseline Report marks a major milestone for OGDC, showcasing progress within the first year since its launch at COP28. Over the past year, OGDC has developed a governance framework and conducted a survey to evaluate members’ emissions reduction goals and plans, establishing a baseline for future tracking. Additionally, OGDC introduced the Collaborate & Share program to spread solutions, foster collaboration, and promote best practices for emissions reduction. In a positive sign of growth, three new members—Oil India Limited, PetroChina, and Vår Energi—have joined the initiative.

“We are proud of the 54 companies that have already signed up to the Charter and are encouraged by the extent of their engagement in this first major piece of work that helps to establish a base on which to build future success,” OGDC’s three CEO Champions and founding members – Abu Dhabi National Oil Company (ADNOC) CEO Sultan Al Jaber, Aramco CEO Amin Nasser and TotalEnergies Chairman and CEO Patrick Pouyanné, said in a joint statement.

“Each company is at a different phase of the decarbonization journey. For some, the Charter reflects existing commitments and aligns with pledges already made via other initiatives. For others, it marks their first steps toward climate action.”

“The diverse nature of our signatories is an opportunity as well as a challenge. Each company brings different experiences, capabilities, stakeholders and national circumstances. Signatories will have the opportunity to learn from the best practices and insights of peers from a wide range of backgrounds and from across the globe,” the CEOs said.

The Charter Baselining Survey by OGDC revealed that most signatories are already aligned with the Charter’s goals for achieving net-zero operations by 2050, reducing methane emissions to near zero, and ending flaring by 2030. The survey identified some gaps, which will guide support and facilitate knowledge sharing from companies with relevant expertise.

The survey also showed that while most signatories currently report their greenhouse gas emissions, there remains a need for standardized methods to create a reliable reporting framework across the group.

Additionally, the survey found that most signatories are actively investing in future energy systems, including renewable energy, energy storage, low-carbon fuels, hydrogen, methane abatement, carbon capture utilization and storage (CCUS), and carbon removal technologies, with plans to increase these investments over time.

Bjorn Otto Sverdrup, the head of the OGDC Secretariat said: “A survey of oil and gas industry climate performance has never been attempted on this scale. Participants ranged from companies that pioneered decarbonization decades ago to those still in the early phases – all with different capabilities and reporting methods. The lessons learned will be used to improve reporting visibility and data quality and to create more targeted programs.”

The baselining survey establishes a foundation for OGDC’s collaborative efforts moving forward. Over the coming year, OGDC will concentrate on equipping signatories with resources and guidance to help them reduce greenhouse gas emissions, cut methane emissions, and eliminate flaring. OGDC will also support signatories in crafting their net-zero roadmaps and enhancing emissions reporting frameworks, ensuring that progress is measurable and demonstrating how collective action can drive significant global climate impact.