State-owned enterprise Oil India Limited (OIL), a Maharatna CPSE, has declared its support for sustainable energy practices by signing up for the Oil and Gas Decarbonisation Charter (OGDC).

The PSU said in its regulatory filing that the move underscores OIL’s dedication to reducing carbon emissions and zero flaring initiatives and contributing to a greener future for the nation.

The energy giant said that being OGDC signatory, OIL is on track of decarbonization to achieve its target of Net Zero by 2040.

Launched at COP28 in 2023, the OGDC marks a major step forward in the industry’s joint endeavour to lower greenhouse gas emissions from oil and gas activities.

By signing this Charter, the OIL has demonstrates its commitment to environmental stewardship, including operational efficiency and R&D investment, and aligns itself with international best practices, the company said.

The charter has been signed by ver 50 of the biggest oil and gas companies in the world so far.

As per the information provided on the website of the OGDC, it is one of the landmark initiatives launched at COP28 by Dr. Sultan Al Jaber, COP28 President.

It is a global industry effort dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sector.

The Charter itself outlines a series of ambitions for Signatories, which will be supported by a sustained program of knowledge sharing and collaboration to accelerate action.

“With its broad geographical reach, targeting producing nations in the Global North and South, the OGDC has the potential to deliver tangible outcomes in support of the world’s move to a net-zero greenhouse gas emissions future.,” the information adds.

The OGDC is a key initiative under the Global Decarbonization Accelerator (GDA), a series of landmark initiatives launched at COP28 to speed up the energy transition and drastically reduce global emissions.(ANI)