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Have we discussed Climate today?
Posted on: December 2, 2023 at 07:08:36 CT
Ace UNC
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The world’s leading oil producers, including those in the United States, are rolling out new plans in Dubai on Saturday to significantly reduce methane from their operations — potentially the most consequential action resulting from the first week of the United Nations Climate Change Conference, or COP28.
The deals feature a first-time pact of 50 of the world’s biggest oil companies — state-owned giants including Saudi Aramco along with corporate supermajors including ExxonMobil — committing to nearly eliminate methane emissions from their drilling and production work. It also includes new regulations from the U.S. government and other countries, and international monitoring efforts intended to hold companies to their promises.
Sultan Al Jaber — the Emirati oil executive leading COP28 — had pushed for the international pact as the oil and gas industry’s response to climate change, which activists have said is long overdue.
Al Jaber said he is committed to transparency and hoped more companies would join the pledge. “We must bring everyone in to be accountable,” he said.
The industry has focused on methane because it is a super polluter commonly emitted from industry operations even though scientists say its emissions must be swiftly reduced to meet the ambitious goal of the 2015 Paris climate agreement, preventing warming from exceeding 1.5 degrees Celsius above preindustrial levels.
“If those promises are met, it’s got the potential to cut temperatures we would otherwise see within the next decade … more than anything agreed to at prior COPs, more than anything I’ve seen in my entire career over 30 years,” said Fred Krupp, president of the Environmental Defense Fund, or EDF. “There’ve been a lot of pledges made at COP that have never been fulfilled. We feel like we have to set up a robust accountability system.”
The deals feature a first-time pact of 50 of the world’s biggest oil companies — state-owned giants including Saudi Aramco along with corporate supermajors including ExxonMobil — committing to nearly eliminate methane emissions from their drilling and production work. It also includes new regulations from the U.S. government and other countries, and international monitoring efforts intended to hold companies to their promises.
Sultan Al Jaber — the Emirati oil executive leading COP28 — had pushed for the international pact as the oil and gas industry’s response to climate change, which activists have said is long overdue.
Al Jaber said he is committed to transparency and hoped more companies would join the pledge. “We must bring everyone in to be accountable,” he said.
The industry has focused on methane because it is a super polluter commonly emitted from industry operations even though scientists say its emissions must be swiftly reduced to meet the ambitious goal of the 2015 Paris climate agreement, preventing warming from exceeding 1.5 degrees Celsius above preindustrial levels.
“If those promises are met, it’s got the potential to cut temperatures we would otherwise see within the next decade … more than anything agreed to at prior COPs, more than anything I’ve seen in my entire career over 30 years,” said Fred Krupp, president of the Environmental Defense Fund, or EDF. “There’ve been a lot of pledges made at COP that have never been fulfilled. We feel like we have to set up a robust accountability system.”
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Have we discussed Climate today? - Ace AU - 12/2 07:08:36
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