Pittsburgh-based EQT Corporation, the largest producer of natural gas in the United States, announced it would participate in the Oil and Gas Decarbonization Charter (OGDC) announced at the recent COP28.
The company said joining the OGDC would further its decarbonization goals of reducing emissions to net zero greenhouse gas emissions by or before 2025. Last year EQT reached a significant milestone toward that goal by eliminating 100 percent of natural gas-powered pneumatic devices from its production operations, reducing the company’s annual carbon footprint by more than 300,000 MT CO2e.
“EQT is proud to join this landmark charter. EQT has been at the forefront of emissions reduction for years. Our aggressive net zero targets, vigorous efforts to reduce methane emissions, commitment to transparency and focus on supporting our peers make us a natural fit,” EQT President and CEO Toby Z. Rice said. “At EQT, we are guided by the higher purpose of providing energy security to the world while lowering global emissions. Joining the OGDC will help ensure that the energy we produce is done so responsibly. We encourage our peers to join us in these efforts so that we can accelerate global decarbonization and advance the world’s energy transition together.”
The company said the OGDC designed to boost climate action in order to achieve high-scale impact across the oil and gas sectors. Singed by 50 oil and gas companies, the charter supports the aims of the Paris Agreement and calls for the industry to align around net zero by or before 2050, zero-out methane emissions and eliminate routine flaring by 2030.
Additionally, the charter signatories said they recognize the need for oil and gas industry members to increase actions, including engaging with customers, investing in the energy system of the future and increasing transparency in measurement, reporting and verification.