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
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation