In a landmark move at the COP28 climate summit, Exxon Mobil Corp. and Saudi Arabia’s Aramco, leading private and state-sector oil giants, spearheaded a commitment by 50 oil and gas producers to reduce emissions from their operations. However, the deal is stirring controversy as none of the companies are agreeing to cut oil and gas production.
The Oil and Gas Decarbonization Charter, comprising 29 national oil companies and major international players like Shell, BP, and TotalEnergies, aims to significantly decrease methane emissions, a potent greenhouse gas, to near zero by 2030. The signatories also commit to ending routine flaring of natural gas. Notably absent from the pact are Chevron and ConocoPhillips.
While the targets are not binding, signatories must submit plans to achieve them by 2025. COP28 President Sultan Al Jaber expressed optimism, stating, “We need the entire industry to keep 1.5C within reach and set even stronger ambition for decarbonization.”
Environmental activists, however, criticize the pledge, with over 300 organizations worldwide urging a focus on a legally binding package to phase out all fossil fuels. Exxon CEO Darren Woods defended the move, emphasizing the industry’s role in the energy system. The commitment also includes a plan to achieve almost zero carbon pollution (scope 1 or 2 emissions) from operations by 2050 but excludes scope 3 emissions from burning the fossil fuels they produce.
As the climate summit unfolds, reactions to the controversial pact highlight the ongoing debate on the role of major oil and gas companies in addressing the global climate crisis.
