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PITTSBURGH, Dec. 2, 2023 ~ EQT Corporation, the largest producer of natural gas in the United States, has announced its participation in the Oil and Gas Decarbonization Charter (OGDC) unveiled at COP28. This charter is dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors.
Toby Z. Rice, EQT President and CEO, 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 OGDC has been signed by 50 oil and gas companies, supporting the aims of the Paris Agreement and calling for net zero emissions by or before 2050, zero-out methane emissions and eliminating routine flaring by 2030. Signatories recognize it is essential for the industry to increase actions such as engaging with customers, investing in future energy systems and increasing transparency in measurement, reporting and independent verification.
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EQT has been an industry leader in reducing methane and other GHG emissions. The Company has set aggressive emissions reduction targets pledging to achieve net zero GHG emissions on a Scope 1 and Scope 2 basis by or before 2025. Last year EQT reached a significant milestone in its journey to net zero, eliminating 100% of natural gas-powered pneumatic devices from its production operations which reduced their annual carbon footprint by over 300,000 MT CO2e.
Just yesterday, The Oil & Gas Methane Partnership 2.0 (OGMP 2.0) awarded EQT a "Gold Standard" rating for a second year in a row in recognition of their ambitious methane emissions reduction targets and advanced commitment to accurately measuring, reporting and reducing their company-specific and site level methane emissions.
EQT's participation in this charter is an important step towards achieving global decarbonization goals while providing energy security to people around the world.
Toby Z. Rice, EQT President and CEO, 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 OGDC has been signed by 50 oil and gas companies, supporting the aims of the Paris Agreement and calling for net zero emissions by or before 2050, zero-out methane emissions and eliminating routine flaring by 2030. Signatories recognize it is essential for the industry to increase actions such as engaging with customers, investing in future energy systems and increasing transparency in measurement, reporting and independent verification.
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EQT has been an industry leader in reducing methane and other GHG emissions. The Company has set aggressive emissions reduction targets pledging to achieve net zero GHG emissions on a Scope 1 and Scope 2 basis by or before 2025. Last year EQT reached a significant milestone in its journey to net zero, eliminating 100% of natural gas-powered pneumatic devices from its production operations which reduced their annual carbon footprint by over 300,000 MT CO2e.
Just yesterday, The Oil & Gas Methane Partnership 2.0 (OGMP 2.0) awarded EQT a "Gold Standard" rating for a second year in a row in recognition of their ambitious methane emissions reduction targets and advanced commitment to accurately measuring, reporting and reducing their company-specific and site level methane emissions.
EQT's participation in this charter is an important step towards achieving global decarbonization goals while providing energy security to people around the world.
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