Chinese state-owned oil giant PetroChina Co has joined 50 other oil and gas producers in the Oil and Gas Decarbonization Charter (OGDC), a pledge made last year by the fossil fuel industry to eliminate methane emissions by the end of the decade.

PetroChina accounts for about 3.5% of global oil production, meaning that the OGDC now represents roughly 40% of total output, according to a statement by the United Arab Emirates (UAE), which initiated the pledge at the COP28 climate summit last year. The targets, which also include stopping the routine flaring of natural gas, aren’t binding, but by 2025 companies have to submit a plan to meet the goals.

It marks a “a significant moment for Chinese leadership”, said Sultan Al Jaber, the chief of the Abu Dhabi National Oil Co and president of COP28. It “sends a powerful signal to global companies yet to sign up to do the right thing and choose the right side of history.”

The OGDC was one of the signature initiatives of the UAE presidency of last year’s United Nations climate summit, where countries agreed for the first time to transition away from fossil fuels. While none of the companies are agreeing to reduce oil and gas production under the pledge, curbing methane is still important, given that it is one of the most potent greenhouse gases.

Other signatories to the OGDC include Shell plc, BP plc, TotalEnergies SE and Occidental Petroleum Corp. The list of national oil companies includes Brazil’s Petrobras, Nigeria’s NNPC and Kazakhstan’s KazMunaiGaz. PetroChina’s announcement was made ahead of the Ministerial on Climate Action in Wuhan, China.

  - Bloomberg