Cairn Oil & Gas, a part of Vedanta Group, has become the first oil and gas producer in India to join the United Nations Environment Programme’s Oil & Gas Methane Partnership (OGMP) 2.0. By signing this agreement, Cairn committed to reducing methane emissions effectively, marking a significant step towards environmental sustainability in the oil and gas sector.
Key Highlights
MoU Signed with OGMP 2.0
- Cairn has signed an MoU with UNEP’s flagship methane reporting and mitigation initiative, OGMP 2.0.
- Through this partnership, Cairn aims to implement effective strategies for methane emissions reduction.
India’s First Oil & Gas Producer in OGMP 2.0
- Cairn is the first oil and gas company in India to join this global initiative.
- This move is set to inspire other companies in the country’s oil and gas sector to adopt methane management practices.
About OGMP 2.0
Comprehensive Emissions Management Framework
- OGMP 2.0 offers a robust framework with best practices for emissions management and a reporting system that emphasizes Measurement, Reporting, and Verification (MRV) of methane emissions.
- The initiative aims to improve the accuracy and quality of emissions data.
Global Reach
- OGMP 2.0 currently covers over 40% of global oil and gas production.
- This widespread reach encourages companies globally to focus on methane reduction and aligns with the goals of the Paris Agreement and the Global Methane Pledge.
Cairn’s Commitments and Goals
- 5-Year Methane Reduction Target
- Under the MoU, Cairn will set a 5-year target for methane reduction.
- Progress will be reported transparently to OGMP, allowing Cairn to monitor and cost-effectively mitigate emissions.
Net Zero Carbon Goal by 2030
- Cairn’s membership in OGMP 2.0 aligns with its commitment to becoming Net Zero Carbon by 2030.
- This early achievement in methane reduction supports Cairn’s broader environmental and sustainability goals.
Use of Data for Emission Analysis and Reduction
- Cairn will leverage detailed emissions data to analyze its methane emission profile.
- This data-driven approach will support more effective and targeted methane reduction strategies.
Statements from Key Leaders
Giulia Ferrini, OGMP 2.0 Programme Manager
- Welcomed Cairn to the partnership, expressing hope that it would encourage other Indian companies to join and improve methane management practices.
Hitesh Vaid, Chief Financial Officer, Cairn Oil & Gas, Vedanta Ltd
- Emphasized Cairn’s ESG strategy, which includes renewable energy, carbon capture, waste-to-energy projects, and nature-based carbon solutions.
- Noted that OGMP 2.0 membership will help drive broader industry transformation toward responsible and sustainable energy practices.
Broader Implications
Support for Global Methane Pledge and Paris Agreement
- OGMP 2.0 provides a science-backed framework for companies to demonstrate their progress toward methane reduction, in line with global climate goals.
- The Global Methane Pledge, endorsed by over 150 countries, aims to reduce methane emissions by 30% by 2030.
United Nations Environment Programme
- The UNEP is a leading global environmental authority established on 5th June 1972.
Functions
- It sets the global environmental agenda, promotes sustainable development within the United Nations system, and serves as an authoritative advocate for global environment protection.
Major Reports
- Emission Gap Report, Adaptation Gap Report, Global Environment Outlook, Frontiers, Invest into Healthy Planet.
Headquarters
| Summary/Static | Details |
| Why in the news? | Cairn Oil & Gas, a part of Vedanta Group, has become the first oil and gas producer in India to join the United Nations Environment Programme’s (UNEP) Oil & Gas Methane Partnership (OGMP) 2.0. - Cairn has signed an MoU with UNEP’s flagship methane reporting and mitigation initiative, OGMP 2.0.
- Cairn is the first oil and gas company in India to join this global initiative.
Cairn’s Commitments and Goals - 5-Year Methane Reduction Target
- Under the MoU, Cairn will set a 5-year target for methane reduction.
- Cairn’s membership in OGMP 2.0 aligns with its commitment to becoming Net Zero Carbon by 2030.
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| UNEP | Established on 5th June 1972. |
| UNEP HQ | Nairobi, Kenya |