Cairn reaffirms Net Zero Commitment by 2030 with the company joining the UNEP’s Oil & Gas Methane Partnership (OGMP) 2.0. Part of the Vedanta Group, Cairn signed an MOU with the United Nations Environment Programme’s (UNEP) Oil & Gas Methane Partnership (OGMP) 2.0 in this regard.
Cairn Reaffirms net zero commitment and is the only producer in India to commit to significantly reducing methane emissions, thereby reinforcing its dedication to decarbonizing operations.
Methane Reduction
The OGMP 2.0 initiative provides a comprehensive framework for emissions management and robust reporting systems.
It emphasizes accurate measurement, reporting, and verification (MRV) of methane emissions to facilitate effective reductions.
Cairn will set a five-year methane reduction target and transparently report its progress to the OGMP.
This approach will allow Cairn to analyze its emission profiles and leverage data for cost-effective emission mitigation.
With this partnership, Cairn reaffirms its goal of achieving net zero carbon status by 2030.
The OGMP 2.0 initiative covers over 40% of global oil and gas production, enabling companies to enhance the quality and accuracy of emissions data for effective methane reduction.
Industry Leadership
Giulia Ferrini, OGMP 2.0 Programme Manager stated, “We are thrilled to welcome our first member from India and hope 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”.
The Roadmap
The OGMP 2.0 framework offers companies credible means and science-backed strategies to demonstrate progress toward methane reduction targets.
It supports the goals of the Paris Agreement and the Global Methane Pledge. A commitment by over 150 countries to reduce global methane emissions by 30% by 2030.
Cairn’s membership is a benchmark for methane transparency. It contributes actively towards environmental objectives, doubling OGMP 2.0’s coverage to nearly one-fourth of Indian oil and gas production.
Strategic Initiatives for Sustainability
Hitesh Vaid, CFO mentioned, “By setting new benchmarks in sustainable energy production, Cairn has become the first oil and gas company in India to adopt this program”.
Vaid added, “Our multi-faceted ESG strategy—integrating renewable energy, carbon capture utilization and storage (CCUS), waste-to-energy projects utilizing low-carbon technologies, and extensive nature-based carbon solutions – underscores our commitment to environmental stewardship and India’s energy security”.
Notable Achievement
Cairn accelerated its net-zero commitments to 2030 by focusing on enhancing operational performance while mitigating climate change.
The company plans to minimize emissions through process optimization, improved reliability, and low-carbon technologies.
As per the press release, Cairn successfully reduced potential gas flaring volume by 60% over the past four years.
Its long-term strategy to achieve net zero carbon by 2030 is backed by a detailed plan to explore new opportunities.
