50 Big Oil Companies Pledge Significant Emission Reductions

 US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)
US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)
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50 Big Oil Companies Pledge Significant Emission Reductions

 US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)
US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)

COP28 President Sultan Al-Jaber announced on Saturday that 50 major global oil companies have committed to reducing methane emissions, one of the most hazardous greenhouse gasses, to nearly zero by 2030 and cease routine natural gas flaring.

The 50 companies, members of the Oil and Gas Decarbonization Charter, collectively account for about 40% of the world's oil production.

Al-Jaber emphasized that the inclusion of oil and industry companies in COP28 would be a crucial element this year.

The announcement holds significant importance in significantly reducing global greenhouse gas emissions by almost half in about seven years to mitigate the impact of global warming to 1.5 degrees Celsius.

The commitment includes major national oil companies such as Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), Brazil’s Petrobras, Angola’s Sonangol, and multinational corporations like Shell and Total.

“The world does not work without energy,” said al-Jaber at an energy session on Saturday.

“Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” he added.

Methane can be released at several points along the operation of an oil and gas company, from fracking to when natural gas is produced, transported or stored. Over a shorter period, it’s more than 80 times more powerful than carbon dioxide, the greenhouse gas most responsible for climate change.

Al-Jaber urged oil and gas companies to exert more effort in finding solutions for indirect greenhouse gas emissions, otherwise known as Scope 3 emissions.

The Oil and Gas Decarbonization Charter has the support of heavyweight OPEC nations, Saudi Arabia and the UAE.

In a separate commitment, approximately 117 governments pledged to triple the world’s capacity for renewable energy by 2030 during the COP28 summit on Saturday.



Biban24 Forum in Riyadh Concludes with Signing of Agreements Worth SAR35.4 Billion

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
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Biban24 Forum in Riyadh Concludes with Signing of Agreements Worth SAR35.4 Billion

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)

The Biban24 Forum, organized by Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at), concluded in Riyadh on Saturday after five days with agreements and initiatives topping SAR35.4 billion.

The forum, which attracted more than 182,000 visitors and was held under the theme “Global Destination for Opportunities”, offered numerous opportunities and activities to support the Kingdom's rapid development in the SME and entrepreneurial sectors.

Monsha'at Governor Sami Alhussaini said: “Biban24 achieved great success this year. We witnessed record agreements and the introduction of many innovative initiatives that support entrepreneurship in the Kingdom. We are proud of the announcements for financing portfolios and strategic partnerships with prominent local and international entities.”

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops in which over 250 foreign and local speakers took part.

The Biban Talks stage hosted over 100 speakers who delved into topics such as media, tourism, environment, education, sports, finance, and investment. The interactive environment enabled entrepreneurs to share their success stories and challenges.

Some 115 entrepreneurs took part in the Investors Arena, showcasing their projects to investors, which resulted in preliminary agreements for investors to sign deals with 65 companies, worth over SAR15 million.

More than 1,300 startups from 72 countries participated in the forum, which also celebrated the graduation of 12 startups from the Real Estate Innovation Accelerator. Also, the virtual lab was launched to support entrepreneurs.