In an industry that is constantly evolving and battling public scrutiny, there's an ever-pressing need for security and regulation. “But as the independent Climate Change Committee acknowledges, we will need oil and gas even as we reach our net zero”– and that's because this industry revolves around more than just fossil fuels, it's a pivotal factor in our global economy. How can we make this industry more secure, more efficient, and more sustainable, not just for now, but for our future? These are questions that we need to address in order to align with global climate goals.
1. There's a pressing need for increased security and regulation in the steadily evolving energy industry, which also faces mounting public scrutiny.
2. Reaching a net zero carbon emissions target does not necessarily mean entirely eliminating oil and gas from our energy system, as recognised by the independent Climate Change Committee.
3. The oil and gas industry plays a crucial role in the global economy, hence efforts should be in place to make it more secure, efficient, and sustainable.
4. Sustainability involves not just a transition to renewable sources of energy, but also efficient and responsible use of current energy sources, such as oil and gas.
5. There's a complex challenge to balance the increasing global energy demands while striving to reduce carbon emissions and minimise environmental impact.
In 2020, global direct emissions from the oil and gas industry amounted to 5.2 gigatonnes of carbon dioxide equivalent, representing 15% of global energy-related emissions.
But, as highlighted by the independent Climate Change Committee, reaching net zero carbon emissions doesn't automatically spell the end for oil and gas. It underscores the ongoing, albeit evolving, roles these resources have in our energy economy. Sustainability doesn't only mean transitioning to renewable sources; it also involves the efficient and responsible use of our existing energy sources, such as oil and gas. This paradoxical necessity of reducing carbon emissions while still using fossil fuels presents a unique, complex challenge. A balance has to be struck between our ever-growing energy demands and limiting the impact on our environment.