E&P Decarbonization: A New Imperative in Driving Toward Net Zero

The world must limit global temperature increase to 1.5 C to avoid the worst effects of climate change, according to the International Energy Agency (IEA) and climate science, and to achieve this, it must reach net-zero emissions by 2050. Simultaneously, energy needs to sustain a forecasted 40% growth in the global economy over the next decade. With no realistic scenario for an immediate transition to nonhydrocarbon energy sources—and with oil and gas operations today representing almost 10% of all global greenhouse-gas (GHG) emissions—how can the oil and gas industry play its part in addressing climate change while meeting short- and long-term energy demand, sustainably?

As sustainability quickly becomes the industry’s key value driver, it needs to harness its history of innovation and collaboration to meet rising energy demand while balancing future concerns and impacts—environmentally and economically. This journey requires of key stakeholders an emissions reduction plan addressing near- and long-term decarbonization goals as society transitions toward a sustainable future.