Sunday, June 16, 2024

Climate Change

COP28 Business & Philanthropy Climate Forum Mobilizes $5 Billion for Climate Action

December 2, 2023 7:06 PM IST

World Climate Action Summit | COP28 President | Dr. Sultan Al Jaber | Kingdom of Saudi Arabia | OGDC | National Oil Companies | Global Decarbonization Accelerator

COP28 President Dr. Sultan Al Jaber and the Kingdom of Saudi Arabia have announced the official launch of the Oil and Gas Decarbonization Charter (OGDC), signifying a significant step towards expediting global climate action efforts.

The OGDC, a dedicated initiative for the oil and gas sector, aims to induce substantial impact in addressing climate challenges. Currently, 50 companies, collectively responsible for over 40 percent of global oil production, have committed to the OGDC. Notably, National Oil Companies  have shown historic participation, constituting over 60 percent of the total signatories, marking a noteworthy shift towards decarbonization within this sector.

The OGDC is integral to the Global Decarbonization Accelerator (GDA), introduced at the World Climate Action Summit on December 2. The GDA focuses on three primary pillars: scaling the energy system of the future, decarbonizing the present energy system, and addressing methane and other non-CO2 greenhouse gases. This strategic plan aims for a comprehensive and simultaneous transformation of both energy demand and supply.

 

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