The future is now: How oil and gas companies can decarbonize
As the pressure to act on climate change builds, the industry should consider a range of options.
If the world is to come anywhere near to meeting its climate-change goals, the oil and gas (O&G) industry will have to play a big part (Exhibit 1). The industry’s operations account for 9 percent of all human-made greenhouse-gas (GHG) emissions. In addition, it produces the fuels that create another 33 percent of global emissions (Exhibit 2).
Several trends are focusing the minds of industry executives. One is that investors are pushing companies to disclose consistent, comparable, and reliable data. Activist shareholders, for example, are challenging US- and Europe-based oil majors on their climate policies and emissions-reduction plans.1 Investors are also increasingly conscious of environmental issues. In the five markets examined by the Global Sustainable Investment Alliance—Australia and New Zealand, Canada, Europe, Japan, and the United States—sustainable investments reached assets of $30.7 trillion in early 2018, one-third of total investment. At September’s UN climate summit, an alliance of the world’s largest pension funds and insurers (representing $2.4 trillion in assets) committed itself to transitioning its portfolios to net-zero emissions by 2050.2
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