Oil firms insist fossil fuels have a role in the transition

Pivot from oil to gas and development of CCS will form initial part of firms’ decarbonisation strategies

Carbon sinks will be vital in helping meet the goals of the Paris Agreement, with fossil fuels still likely to form some part of the energy mix in 2050, according to a panel of oil and gas executives speaking at the Climate Governance Initiative Global Summit. Even the IEA’s sustainable development scenario—which models the lowest fossil fuel demand of all its scenarios—sees hydrocarbon demand of over 5.8bn t/yr oe in 2040, making the role of carbon sinks key. “Consumers will have to pay premium for green fuels,” Pouyanne, Total In the near-term, oil and gas firms involved in the transition to a low-carbon economy will focus on reducing scope one and scope two emissions, as well as t