Oil and gas producers pledge to cut methane emissions at UN climate talks

A group of 50 major oil and gas companies signed a pledge to cut methane emissions during the Dubai COP28 climate summit on Saturday, in a move that some climate activists are downplaying as a “smokescreen.”

The coalition of oil producers includes the largest state-owned operations, including Saudi Aramco, alongside major American companies like ExxonMobil.

The agreement pledges that the companies will cut their greenhouse gas emission to net-zero by 2050, and cut methane emissions to near-zero level by 2030. Climate scientists have cited methane as one of the most immediate climate dangers.

“If we want to accelerate progress across the climate agenda, we must bring everyone in to be accountable and responsible for climate action,” COP28 President Sultan al-Jaber said. “We must all focus on reducing emissions and apply a positive can-do vision to drive climate action and get everyone to take action. We need a clear action plan, and I am determined to deliver one.”

Jaber is also the CEO of the Abu Dhabi National Oil Company, bringing the event scrutiny. Reports before the summit began alleged that Jaber and UAE interests sought to use the venue to strike backroom oil production deals, which he denied.

The 50 oil and gas giants account for about 40 percent of global oil production, the UAE said. Major oil interests in Kuwait, Iraq, Iran, Qatar and China did not sign on to the agreement.

Specifically, the deal agrees to reduce methane emissions to 0.2 percent of oil and natural gas production by 2030, and to end routine emissions flaring.The United Nations, Environmental Defense Fund (EDF) and International Energy Agency, will be tracking the progress, a first for any similar agreement.

EDF President Fred Krupp called the 0.2 percent target “ambitious but absolutely achievable,” adding that the deal “could reduce methane emissions by each company signing by as much as 80 to 90 percent.”

“This will be the single most impactful day I’ve seen at any COP in 30 years in terms of slowing the rate of warming,” he said in a statement. “The industry must do more than methane reductions; business as usual will not meet this moment.”

Methane has been a frequent target of climate activists in recent years, as it is one of the most potent greenhouses gases for climate change. The gas is about 28 times more potent than carbon dioxide and is responsible for about 25 percent of global warming.

The Biden administration announced new Environmental Protection Agency rules to limit methane emissions earlier Saturday, alongside the COP28 deal.