Oil and Gas Decarbonisation Charter and COP29: Goals Stated. Progress Accelerated?

As COP29 comes closer, the collective consciousness will concentrate on the Oil and Gas Decarbonisation Charter and the methane and flaring fund created by the World Bank.  We should all be curious to see if these commitments can catalyse concrete change from bold claims.

Make no mistake, the COP28 commitments that form the Oil and Gas Decarbonisation Charter (OGDC) marked a historic step. Over 50 companies, including 29 National Oil Companies, signed up to ambitious targets: achieving 0.2% methane leakage and zero routine flaring by 2030. For many NOCs, making these commitments is a real first, and should be applauded.  Also, the World Bank unveiled a $255 million fund to unlock critical financing. Our support for these measures was unwavering and we outlined practical steps to help make them happen in our December 2023 paper, “Making the Oil and Gas Industry’s Major COP28 Announcements Truly Impactful”.

One year on, whilst we have seen some progress in specific countries (e.g. Algeria for flaring and Turkmenistan for methane), the global progress remains limited.  Flaring was up sharply in 2023, as was methane. And “as of now”, Fred Krupp (EDF’s President) noted at ADIPEC this week: “we don’t have any measurements that show us [methane] emissions from the industry have gone down at all”.  There is a general sense of urgency, also echoed at ADIPEC by Bjorn-Otto Sverdrup (Chair of OGCI): “I’d like to see impatience to drive progress.  We can’t fix everything, but this industry can do more than most”. 

As we approach COP29, here are five essential actions that, if announced, could signal that progress is not only progressing, but is also broadly on track.

1) Support and engage the OGDC community, plus declare a data-driven baseline 

The commitment shown across the ODGC community deserves recognition. Every member should be encouraged to step up efforts, highlight successes, and demonstrate tangible progress. 

The OGDC secretariat could deepen industry credibility by focusing on transparency, which strengthens reputation and trust. It may be a stretch, but each company should either report numbers on methane and flaring (which would become their baseline), or (for some National Oil Companies), commit to getting to a place to share robust numbers by the end of 2025.

For those companies that are not fully engaged, renewed motivation to stay involved is key.  Those who are fully engaged should expand their commitments to so-called “non-operated” assets, using their influence to drive best practices into a black spot of their joint ventures.

2) Integrate real-time flaring data into operational decision-making and use methane data which is increasingly publicly available 

Accountability relies on transparency. OGDC signatories have a prime opportunity to use not only the increasingly public data on methane emissions but also the advanced real-time flaring analytics from Capterio.  Credible, independent data and calibrated data are often more reliable than self-reported data, which is often patchy or inaccurate. 

CEOs who have pledged to eliminate routine flaring can have – today – live data at their fingertips.  FlareIntel already delivers near real-time data on every flare, for every field, in every country, for every company worldwide.  Companies already leading through partnerships with Capterio are able to pin-point opportunities and have already achieved reductions equivalent to taking 2.5 million cars off the road. EDF’s accountability matrix offers another pathway to verifying progress.

3) Deploy the World Bank’s methane fund

The World Bank’s $255 million methane fund, announced at COP28, is pivotal for financing high-impact projects, particularly those with substantial upfront costs in regions dominated by National Oil Companies. We anticipate two types of funding announcements at COP29.

Firstly, a commitment to finance a significant flare or methane reduction project would represent a positive step, as such projects often have a clear economic case and offer attractive returns. Importantly, given that flare and methane reduction initiatives represent some of the most cost-effective abatement opportunities across any sector, we must overcome our reluctance to appear as though we are “funding fossil fuel” projects; indeed, flaring will persist without targeted investment. Secondly, earmarking funds to bring projects to technical and commercial maturity would be an invaluable move, enabling more projects to reach a finance-ready state. We delve further into this in our October 2023 paper with the Atlantic Council “Why COP28 is right to prioritise global methane and flaring reduction”.

4) Transition from “Zero Routine Flaring” to a “Flaring Intensity” target

The concept of “routine flaring” is vaguely defined, inconsistently self-reported, and lacks third-party verification, making “zero routine flaring” difficult to measure and achieve. According to company data self-reported (for operated assets only) to the World Bank and OGCI, approximately 30% of all flaring is classified as “routine.” If accurate (though we hold our own views), this focus may overlook “upset” flaring, which arguably deserves greater attention. Upset flaring could, in fact, be more manageable, as it primarily requires rigorous operational excellence, with day-to-day improvements, consistent equipment maintenance, and stronger control systems and processes.

A shift to a flaring intensity target—such as 0.5 or 1 m³ per barrel of oil and condensate (compared to today’s global average of 5 m³/barrel)—would establish a measurable, realistic, and achievable standard. In making this metric shift, however, it will be essential to strike the right tone in communication to sustain credibility and trust.

5) Commit to knowledge sharing and capability building

Challenges to eliminating flaring vary widely across regions due to unique technical and regulatory issues. COP29 could initiate regional alliances where companies collaborate, sharing best practices and technology tailored to specific flaring and methane mitigation needs. Rather than hiding progress or “green-hush”, we should celebrate success stories, showcase achievements, give credit where credit is due, and inspire others to act at pace.

A year on from COP28, the question persists: will COP29 deliver real progress or just more promises? If there’s to be a slogan, let it be “Goals Stated. Progress Accelerated” rather than “Pledges Made. Action Delayed”.

Should the above commitments materialise, the oil and gas industry could genuinely be set on a path toward substantial reductions in flaring and methane emissions. However, without decisive announcements next week, doubts about the sector’s commitment to a sustainable future may only deepen – a risk we can’t afford. Now is the moment to turn ambition into action and demonstrate that progress is possible.