CNPC actively supports OGCI's new strategy, accelerating its pace for carbon neutrality

On September 20, CEOs of the Oil and Gas Industry Climate Initiative (OGCI) member companies signed off on the OGCI's latest development strategy — Strategy Refresh Document. All member companies pledged to achieve carbon neutrality (Scope 1 and Scope 2) in operations under their control within the time frame specified in the Paris Agreement. OGCI has revised its collective upstream targets for 2025, pledging to reduce the average carbon intensity of member companies' aggregate upstream oil and gas operations from 23 kg of greenhouse gases per barrel of oil equivalent in 2017 to 17 kg by 2025, reduce average methane intensity to below 0.2% and realize zero routine flaring by 2030. By 2025, these initiatives will bring a reduction of over 50 million metric tons of carbon dioxide equivalent per year.

As the only Chinese member in OGCI, CNPC is deeply involved in international cooperation with other OGCI members in response to climate change. In 2020, Dai Houliang, chairman of CNPC, signed the Open Letter from the CEOs of OGCI, reiterating continued efforts and pledge to promote carbon emission reduction despite the challenge of the COVID-19 pandemic and low oil prices.

In 2021, CNPC moves faster towards the 3060 Goal. Under the framework of OGCI, it has led the efforts to establish China Oil and Gas Methane Alliance, promoting the building of a high-quality and open platform for experience sharing and cooperation, improving the methane emission control and actively participating in global climate governance.

The release of the OGCI's new strategy not only highlights CNPC's engagement in global climate governance by providing China's stand, wisdom and solution, but also showcases the company's actions towards the 3060 Goals with its own advantages. It will further promote transition of the company as well as its green and low-carbon development.