In a groundbreaking session at COP28 in the UAE, a high-profile panel discussed the vital intersection of Pakistan’s upstream petroleum sector and the imperative for decarbonization. The panel, comprising industry leaders including Ahmed Hayat Lak (MD and CEO of ODCL), Imran Abbasy (MD/CEO of PPL), Faheem Haider (MD/CEO, MPCL), Masood Nabi (MD/CEO, GHPL), and Sohail Akhtar Hashmi (Head Corporate Planning PARCO), was moderated by Muhammad Amir Salim, Executive Director of Petroserv.

An exciting development emerged as all four major oil companies represented on the panel committed to the decarbonization charter, signaling a collective commitment to reducing carbon emissions. The companies are not only exploring carbon credits but are also delving into the potential of green hydrogen—a promising avenue for sustainable energy solutions.

Globally, there has been increasing emphasis on how investors can drive carbon offset and reporting. However, the panel noted that such pressures are not currently observed in Pakistan. Nevertheless, Pakistan is not isolated in its efforts, as it has signed a global charter with 50 major oil companies. This collaboration underscores the nation’s commitment to working collectively on a global scale to address the challenges of climate change and promote sustainable practices within the petroleum sector. The commitment of major oil companies to decarbonization initiatives and the exploration of carbon credits and green hydrogen signifies a paradigm shift in the approach to the petroleum sector in Pakistan.

As COP28 progresses, this panel’s insights and commitments are likely to influence policy discussions and further collaborative efforts in the global pursuit of sustainable and decarbonized energy solutions. The collective commitment of major oil players is a significant step towards aligning the petroleum sector with the broader goals of mitigating climate change and fostering a greener future.