COP28 saw the announcement of new financing initiatives to accelerate the reduction of methane emissions in Oil & Gas and other sectors. Financing may help to accelerate actions by NOCs in some major oil producing regions, especially in developing economies. In practice, such investments also need collaboration between producers and regulators to ensure alignment on regulatory and fiscal incentives and access to gas infrastructure and gas buyers. What further measures need to be implemented on this new funding? What further collaborations between industries and governments will best ensure early success?
COP28 elevated ambitions to tackle emissions from the oil and gas sector. This included heightened national ambition to tackle methane, financing for low-income economies, and improving monitoring and measurement. COP28 also saw the introduction of the Oil and Gas Decarbonization Charter looking to accelerate action at the corporate level on methane, flaring, and scope 1 and 2 emissions. What is the significance of these commitments? What actions are being taken? What measures are being taken to improve monitoring and measurement?