Oil & gas in pursuit of the energy transition, part 1: Net zero and the trilemma
In the first part of the fifth chapter of our history of oil and gas, we move the story on to the climate crisis and push for net-zero carbon emissions
The COP28 meeting launched a number of initiatives, most of which will have important impact on the greenhouse gas (GHG) emissions. For example, the Global Renewables and Energy Efficiency Pledge commits the signatories to triple the world’s installed renewable energy generation capacity and double the global average annual rate of energy efficiency by 2030. In the oil and gas (O&G) sector, 52 countries signed an O&G Decarbonization Charter, committing to net-zero operations by 2050 at the latest and ending routine flaring, resulting in near-zero upstream methane emissions by 2030. If governments fully implement their pledges, the “oil and gas demand would be 45% below today's leve
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
