COP 28: The pledge is a smokescreen to hide the reality that we need to phase out oil, gas and coal, said a letter signed by more than 300 civil society groups
Fifty major oil companies, responsible for nearly half of global production, have committed to achieving near-zero methane emissions and ending routine flaring in their operations by 2030, according to Sultan al-Jaber, president of COP28 and head of the Abu Dhabi National Oil Co. This move, aimed at mitigating the environmental impact of the oil and gas industry, has been met with scepticism from environmental groups, who view it as a "smokescreen."
Al-Jaber, leveraging his background in the industry, has emphasised the importance of securing the buy-in of oil companies to effectively reduce global greenhouse emissions by nearly half within seven years, aligning with the goal of limiting global warming to 1.5 degrees Celsius compared to pre-industrial times.
The commitment includes major national oil companies like Saudi Aramco, Brazil's Petrobras, and Angola's Sonangol, along with multinational corporations such as Shell, TotalEnergies, and BP. Al-Jaber stressed the necessity of addressing the energy sector's emissions on a gigaton scale and transitioning rapidly to zero-carbon alternatives.
Methane, a potent greenhouse gas over a shorter period, is released at various stages in the operation of oil and gas companies. While the pledge addresses methane emissions and flaring, critics argue that it falls short of addressing the broader need to phase out oil, gas, and coal.
Environmental groups contend that the commitment serves as a distraction from the fundamental imperative of transitioning away from fossil fuels. Marcelo Mena, CEO of Global Methane Hub, rejects the idea that near-zero methane emissions commitments should delay the broader phase-out of fossil fuels, advocating for stronger regulatory measures and market pressures to drive change.
The announcement did not specifically address the burning of oil and natural gas by end-users, a significant source of greenhouse gas emissions. While the Oil and Gas Decarbonization Charter is supported by the United Arab Emirates and Saudi Arabia, there is ongoing scrutiny of the industry's role in combating climate change.
In parallel, organisers reported that 110 countries have pledged to triple the world's installed renewable energy capacity by 2030. This commitment aligns with a previous pledge made by G20 leaders in September, with these countries collectively responsible for 80 percent of all planet-warming gases.