THE STORY
This is the decisive decade to stabilize the planet’s temperature at 1.5 degrees Celsius.
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But oil and gas sector emissions are not being reduced in line with climate goals.
We cannot manage
what we do not know.
Sensor detecting methane leakage detected from a liquefied natural gas (LNG) tanker offshore Louisiana.
Source: Carbon Mapper 2021.
Four myths about oil and gas:
Myth #1: We’re running out of oil and gas.
Reality: Oil and gas are abundant and consumption is rising.
Myth #2: Oil and gas are “standard” commodities.
Reality: Their volumes may be standard, but all oils and gases are not created equal.
Myth #3: All oil and gas have the same climate intensity.
Reality: Oil and gas have wide ranging greenhouse gas emissions.
Myth #4: Most oil and gas emissions result from consumers using fuels.
Reality: Depending on the oil or gas, over 50% of total emissions can come from industry, before end uses.
Guiding principles
to reduce
oil & gas climate footprints.
1. The public has a right to know.
2. Prices should reflect true social costs.
3. Industry must be responsible for all supply-side emissions.
4. Policymakers should place the oil and gas industry on a safe climate path.
“There are actionable, cost-effective solutions to make the oil and gas we use today as low-emitting as possible that will significantly cut emissions as we transition to a zero-carbon energy system.”
The oil and gas industry is the #2 source of human-made methane…
…but it's #1for reduction potential.
“To safeguard the global climate, we need to shift our mindset to assume that oil and gas are here to stay, so that we can actually minimize their supply-side emissions now instead of imagining that they will go away.”
Creating Climate Intelligence.
No standard oil: Managing abundant petroleum in a warming world