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PetroChina joins the world’s 2050 net zero pledge to slash oil and gas industry emissions
- China’s largest oil and gas producer has joined the Oil & Gas Decarbonisation Charter, a pledge signed by more than 50 firms to reach net zero by 2050
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PetroChina has become the latest company to join the Oil & Gas Decarbonisation Charter (OGDC), a landmark pledge launched at the UN climate summit last year to reduce the industry’s emissions.
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China’s largest oil and gas producer joins more than 50 other fossil fuel companies that signed the pledge last December, committing to net-zero operations by 2050. They plan to end routine flaring by 2030 and reach near-zero upstream methane emissions, to keep global warming in check to prevent adverse impact of climate change.
The addition of PetroChina to the charter is “a significant milestone” in the global efforts to decarbonise the oil and gas sector, Bjorn Otto Sverdrup, head of the OGDC Secretariat, said in a statement issued by the United Arab Emirates, the Cop28 host, on Monday.
PetroChina’s announcement “signifies the growing momentum towards industry decarbonisation and further demonstrates the important influence of Chinese oil and gas enterprises in advancing low-carbon solutions”, he added.
PetroChina and the other OGDC signatories together represent more than 42 per cent of global oil production, compared with 40 per cent last year, according to the statement.
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The Hong Kong-listed energy giant, which comes under state-owned China National Petroleum Corp, produced 937.1 million barrels of crude in 2023, according to PetroChina’s annual report.
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