Emissions Reduction Strategies Adopted by the Oil and Gas Sector - Analyzing Current Emissions by Oil and Gas Sector and Companies, Future Targets, Reduction Strategies and Carbon Pricing

Emissions Reduction Strategies Adopted by the Oil and Gas Sector - Analyzing Current Emissions by Oil and Gas Sector and Companies, Future Targets, Reduction Strategies and Carbon Pricing

Summary

A review of announced targets from 28 major oil and gas companies showed that nearly all have some kind of target for direct, scope 1 & 2 emissions. Meanwhile, less than half have any kind of target covering scope 3 emissions and less than a third aim to be net zero across all emission types by 2050. The nine most active O&G companies in the energy transition have reported reductions in absolute emissions and emissions intensity in recent years. On the national level, carbon pricing is used in Europe and Canada, but in the US only certain states are covered, and the Middle East and Russia have no such schemes. Companies have started implementing internal carbon pricing schemes in regions where it is less commonplace.

The oil and gas sector is responsible for about 50% of energy-related emissions, with the vast majority arising from Scope 3 emissions. Of Scope 1 and 2 emissions, the largest proportion comes from upstream and downstream operations. Emissions reduction strategies of the 9 most active oil and gas companies were compiled and analysed. Aside from developing low carbon technologies, companies have also started to endorse carbon pricing as an effective emissions reduction measure.

Scope

• Global oil and gas sector CO2 emissions in 2019
• Future CO2 emissions from global oil and gas remaining lifetime of reserves
• Emissions reduction targets and strategies of 9 selected oil and gas majors
• Global emissions reduction strategies

• Obtain the most up to date information on emissions reduction strategies in major oil and gas producing nations and companies
• Understand the origins of different emissions throughout the oil and gas value chain
• Assess your competitor's emissions reduction strategies and develop the most effective plan of action based on the trends in their absolute emissions and emissions intensities
• Develop an understanding of the global carbon pricing scene