Fifty oil and gas companies, representing more than 40 per cent of global oil production, made pledges on methane and carbon dioxide at the Cop28 climate conference on Saturday. The companies, of which 60 per cent are national oil companies, signed on the Oil and Gas Decarbonisation Charter, which calls for net zero emissions by 2050 or before. "The announcement mentions investing in energy systems for the future but all oil and gas companies are already doing this. The pledge aims to achieve a reduction of methane emissions by at least 30 percent below 2020 levels by 2030. Global oil companies have been investing billions of dollars into carbon capture technology and hydrogen as part of their decarbonisation plans, but the IEA has warned against “excessive expectations and reliance” on carbon capture or storage.

Source: Ethiopian News December 02, 2023 12:14 UTC