The Oil & Gas Decarbonization Charter (OGDC), backed by a coalition of global firms focused on accelerating decarbonisation in the energy sector, has published its 2025 status report, which highlights ‘accelerated progress and sustained momentum’.
The publication of the report, at COP30 in Belém, comes two years on from the launch of the initiative at COP28.
The charter now brings together 55 signatories across over 100 countries, which combined represent around 40% of global oil production. Some two-thirds of signatories are state-owned firms, mainly located in emerging economies.
According to data collected through the Oil and Gas Climate Initiative (OGCI), total operational Scope 1 and 2 emissions from signatories amounted to around one billion tonnes of carbon dioxide equivalent (CO₂e), with an upstream carbon intensity of 24 kilograms of CO₂ equivalent per barrel of oil equivalent. Some 50 of the 55 signatories contributed data to the report.
Emissions reduction targets
Some 42 signatories, which account for 94% of production, have set interim Scope 1 and 2 emissions reductions ambitions for 2030, while 36 have developed corresponding action plans, largely related to methane, flaring and reporting processes.
“Two years ago, at COP28, we came together to create the world’s first truly industry-wide coalition to decarbonise at scale,” commented Dr Sultan Ahmed Al Jaber, managing director, group CEO of ADNOC, COP28 president, and OGDC CEO Champion.
“Since its inception, OGDC has grown to include 55 signatories, representing around 40% of global oil production across more than 100 countries. Together, we are turning the Charter’s words into action by delivering tangible progress, scaling innovation and reporting transparently against our shared commitments.”
Some 35 CEOs of companies that are signatories to the OGDC reinforced their support for the initiative earlier this month, ahead of COP30.
In 2024, signatories invested around $32 billion US dollars in low-carbon solutions including renewables, carbon capture, hydrogen and low-carbon fuels.
‘Measurable steps’
“Implementing action and measuring progress are at the core of OGDC,” added Bjørn Otto Sverdrup, head of the OGDC Secretariat. “More companies are reporting, more are setting ambitions, and more are translating those ambitions into measurable steps. This reflects the Charter’s growing impact and the strength of collaboration among its signatories.
“With OGDC, we have established a platform for companies willing to take action and collaborate across North, South, East, West, to share best practices and accelerate decarbonisation – particularly towards reducing methane and zero flaring by 2030.” Read more here.
