PetroChina, the largest oil company in China, announced its joining the “Pact to Reduce Emissions of the Oil and Gas Sector” launched by the COP28 Presidency.

This step by PetroChina, which represents 3.5% of global oil production, confirms its commitment to the goals of the Emissions Reduction Charter, including achieving climate neutrality by 2050, eliminating methane emissions, stopping gas burning by 2030, and adhering to the best global practices for reducing emissions and investment in building a future energy system.

PetroChina joins 52 other companies committed to the Charter, together representing about 40% of global oil production, with more than 60% of national oil companies participating in the largest gathering of its kind of oil and gas companies committed to an emissions reduction initiative.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the United Arab Emirates and Chairman of the COP28 conference, described PetroChina’s accession to the charter as “an important step that strengthens China’s leadership role in global emissions reduction efforts and encourages more global institutions to join it.”

Al Jaber stressed the importance of the historic “UAE Agreement” that was reached at the conclusion of the COP28 conference last December, which represents the methodology of solidarity and concerted efforts to combat climate change, noting that PetroChina’s accession to the Charter to Reduce Emissions of the Oil and Gas Sector is a concrete example of the results of this agreement.

Al Jaber stressed the need for all parties to participate in implementing the commitments of the UAE Agreement and transforming nationally determined contributions into practical and comprehensive plans covering all areas of climate action, including reducing emissions and preventing deforestation, to promote sustainable economic and social development for all.

He stressed the role of the COP28 presidency in motivating countries to transform their nationally determined contributions into effective plans that support implementation efforts and include areas of mitigation and adaptation in a balanced manner.