The few bits worth noting from day five of COP28. Among the sea of agreements and announcements made during the fifth day of the climate summit, a few caught our attention.

#1- EGAS among 50 oil companies to sign decarbonization charter: State-owned Egyptian Oil and Gas Holding Company (EGAS) and 49 other oil and gas companies including Exxonmobil, Adnoc, and Saudi Aramco signed the Oil and Gas Decarbonization Charter (OGDC) to accelerate the sector’s journey to net-zero by 2050.

The initiative from Saudi Arabia and the COP28 presidency-led initiative sets a net zero by 2030 emissions target for the oil and gas industry in parallel with an emphasis on ramping up investment in renewables and other low-carbon technologies. While the targets stipulated in the charter are non-binding, the signatories — which make up over 40% of the oil sector worldwide — will be required to submit their decarbonization plans by 2050, Bloomberg writes.

Big oil is trying to pull its weight: Six major oil players, including BP, Eni, and Total Energies, each pledged USD 25 mn for a new fund that will help oil companies across developing countries bring down their methane emissions, Bloomberg wrote. Chevron and Exxon Mobil didn’t join in.

#2- Apicorp gets a makeover: The Arab Petroleum Investments Corporation (Apicorp) has rebranded to The Arab Energy Fund and unveiled a new strategy that will see it invest up to USD 1 bn over the next five years to support energy transition in the MENA region, the fund said in a statement.

#3- Egypt to develop methane-reduction roadmap: Egypt wants to develop internalmethane regulations for its oil and gas sector by the end of next year, as part of a wider methane emissions reduction roadmap targeting the sector it will set up alongside the USTDA. Egypt has been part of the Global Methane Pledge — first proposed in 2021 to push down methane volumes by at least 30% by 2030 — for a year now.

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