![]() This would require upfront spending of around USD 600 billion – much less than the trillions of dollars the industry accrued last year off the back of record high energy prices.Īmid the global energy crisis, many consumers and businesses were hit hard by soaring energy prices in 2022. Our latest report, Emissions from Oil and Gas Operations in Net Zero Transitions, shows how the oil and gas industry can reduce these emissions by 60% between now and 2030. Taking oil and gas out of the ground, processing it and delivering it to consumers accounts for almost 15% of global energy-related emissions – that’s more than all the emissions produced by the United States or twice the emissions of the entire European Union. Talk of reducing emissions is easy, but the good news is that so too are the actions oil and gas producers can take.Įmissions from oil and gas operations alone account for a considerable chunk of the global total. ![]() More ambitious targets, concrete plans and robust accountability are needed to achieve deep reductions across oil and gas activities and beyond. And many of the pledges that have been made are vague or aren’t backed up by clear strategies for achieving them, especially for the crucial period between now and 2030. The oil and gas companies that have so far announced plans to reduce emissions from their operations account for less than half of global production. ![]() ![]() The world needs to see meaningful changes in the operations of both international and national oil companies, with clear and responsible strategies for bringing down their emissions rapidly. The COP28 Climate Change Conference in Dubai this year is a unique opportunity for the oil and gas industry to show it’s serious about tackling climate change.Īt a time when the impacts of climate change are increasingly being felt worldwide, oil and gas producers need to secure a new social license to operate. ![]()
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