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New Delhi: Cairn Oil & Gas, part of Vedanta Group, has signed a memorandum of understanding with United Nations Environment Programme's flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0, making it the first oil and gas producer in India to commit to effective reduction of methane emissions.
OGMP 2.0 established a comprehensive framework that includes best practices for emissions management and a robust reporting system. It emphasises accurate measurement, reporting, and verification (MRV) of methane emissions to drive reductions effectively.
"Under this MoU, Cairn will establish a 5-year methane reduction target and transparently report its progress to OGMP. This would enable Cairn to analyse its emission profiles and utilise the data to mitigate emissions cost-effectively. With this partnership, Cairn reaffirms its commitment to accelerate its efforts towards becoming Net Zero Carbon by 2030," the company said in a statement.
OGMP 2.0 covers over 40 per cent of global oil and gas production empowering companies to improve the quality and accuracy of emissions data for effective methane reduction.
Welcoming Cairn to this partnership, Giulia Ferrini, OGMP 2.0 Programme Manager, hoped that Cairn's commitment will inspire other companies from the country to join OGMP 2.0 and contribute to improving methane emissions reporting and management practices in the oil and gas sector.
OMGP 2.0 provides companies with credible means and science-backed framework to establish that they are progressing towards methane reduction targets, supporting the goals of the Paris Agreement and the Global Methane Pledge - a commitment by over 150 countries to reduce global methane emissions by 30 per cent by 2030.
Hitesh Vaid, Chief Financial Officer, Cairn Oil & Gas, Vedanta Ltd said, "Our multi-faceted ESG strategy - spanning renewable energy integration, carbon capture utilisation and storage (CCUS), waste-to-energy projects adopting low carbon technologies, and extensive nature-based carbon solutions - highlights the extent of our dedication towards both environment and India's energy security.
"With OGMP 2.0 membership, we aim to not only reduce methane emissions and become Net Zero by 2030, but also drive a broader industry transformation towards responsible and sustainable energy practices."
Earlier this year, Cairn had announced the fast-tracking of its net zero commitments to 2030.