Vedanta’s Cairn Joins UNEP’s Methane Partnership: A Pioneering Step for Indian Oil & Gas!

On November 4, 2024, Cairn Oil & Gas, part of the Vedanta Group and a leading private oil and gas exploration company in India, signed a Memorandum of Understanding (MoU) with the United Nations Environment Programme’s Oil & Gas Methane Partnership (OGMP) 2.0. 

This makes Cairn the first oil and gas producer in India to commit to effectively reducing methane emissions, furthering its goal to decarbonise its operations.

OGMP 2.0 provides a detailed framework for managing emissions, including best practices and a strong reporting system. It focuses on accurately measuring, reporting, and verifying methane emissions to facilitate effective reductions.

As part of the MoU, Cairn will set a 5-year target for reducing methane emissions and will publicly share its progress with OGMP. This will help Cairn analyse its emissions and use the data to find cost-effective ways to lower them. With this partnership, Cairn reinforces its commitment to achieving Net Zero Carbon by 2030.

OGMP 2.0 covers more than 40% of global oil and gas production, helping companies enhance the quality and accuracy of their emissions data for better methane reduction.

Commenting on this partnership, Hitesh Vaid, Chief Financial Officer, Cairn Oil & Gas, Vedanta Ltd, said, “We are excited to join UNEP’s OGMP 2.0 to set and achieve our methane reduction targets. Setting new benchmarks in sustainable energy production, Cairn has become India’s first oil and gas company to adopt this programme. 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.”

Cairn Oil & Gas Joins OGMP 2.0 to Reduce Methane Emissions

OGMP 2.0 gives companies a trustworthy and scientifically supported way to show that they are making progress towards their methane reduction goals. This supports the aims of the Paris Agreement and the Global Methane Pledge, where over 150 countries have committed to decreasing global methane emissions by 30% by 2030.

By joining OGMP 2.0, Cairn has set a new standard for transparency regarding methane emissions in India’s oil and gas industry. It also plays an active role in helping the country meet its environmental goals. With this membership, Cairn becomes the first upstream oil and gas company in India to join the initiative, which now covers about one-fourth of India’s oil and gas production.

About Vedanta Limited

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the top natural resources companies in the world. It operates in several countries, including India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan. Vedanta is involved in various industries such as Oil & Gas, Lead,  Zinc, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power, and Glass Substrate, and is expanding into electronics and display glass manufacturing.

On November 04, 2024, the Vedanta Limited share price opened at ₹468.80 and touched the day low of ₹452.70 at 11:16 AM on the NSE. 

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