Oil and gas industry: environmental and sustainability in the energy transition to net-zero

To achieve the Paris Agreement objective of limiting global warming to well below 2°C is necessary to achieve net zero emissions by 2050 and this will be achieved when anthropogenic greenhouse gas emissions are balanced globally by anthropogenic removals.

The oil and gas industry provides more than half of the world’s energy and is an essential partner in sustainable development. In the energy transition, oil and gas industry will continue to be an important part of the energy mix to meeting global energy demand affordably, secure, supporting worldwide economic development in the long-term and Sustaiable development Goals (SDGs), taking them as a reference to define the sustainability priorities

Oil and gas industry have the challenge to continue producing while reducing emissions in the operations. This challenge implies a transformation of the energy system. Oil and gas industry integrate sustainability across activities to increase transparency and engage with key stakeholders that is key to advancing a sustainable energy transition.

Today, the industry apply several strategies and invest in low carbon technologies to bring down the emissions intensity in the operations: minimising flaring and tackling methane emissions, integrating renewable energies, carbon capture and storage projects into upstream, contributing towards environmental and society.