Technology Companies Take on Challenge of Carbon Reduction

New tools and services are being applied across the entire lifecycle of oil and gas production to help reduce emissions.

Paul Wiseman, Contributor
Technology Companies Take on Challenge of Carbon Reduction

Companies like ExxonMobil are working to reduce carbon emissions at oil and gas processing facilities such as this. (Source: Shutterstock.com)

Current world events are highlighting an energy transition issue that won’t go away: moving away from carbon-heavy fuels will be a long and pothole-laden road. Even with continued growth of renewables, the world’s overall energy demands are expected to expand at an even faster rate, at least through 2050. 

This is not to mention the billions of dollars to be spent on infrastructure and redesign of vehicles for land, sea and rail. In the meantime all that CO₂ must be tracked, evaluated and managed in hopes of finding ways to reduce it. Hence the movement toward carbon management as a rapidly growing sector of every type of industry, including oil and gas itself.

As recently as 2015, the energy sector saw the rise of two significant subsectors in a symbiotic relationship: water management/treatment, and automation/data management. The rise of ESG has opened the doors for another sector, as carbon management becomes more top of mind for companies and investors alike.

A recent report on the market, released by Mordor Intelligence, sees the carbon management business almost doubling from its 2020 level around the world and across all industries, from $10.9 billion in 2020 to $19.8 billion by 2026.”

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