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Technology Oil and gas companies will only survive the climate crisis if they spend more now

02:25  20 january  2020
02:25  20 january  2020 Source:   cnn.com

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Oil companies could do more now to help shrink the industry’s giant carbon footprint but most companies were yet to play a meaningful role, according The IEA has called for a “grand coalition” of policymakers, investors and oil executives to work together to tackle the climate crisis but this is the

However, most rivers, especially in Asia, will flood more often, according to research by Richard Betts, head of climate impacts at the Met Office Hadley Centre, because the hotter Tropical forests of heat-tolerant species may well thrive in this wet zone with the high CO 2 concentrations, especially with the

The oil and gas industry needs to work harder and faster to tackle the climate crisis if it wants to remain profitable, a leading energy group says.

a factory with smoke coming out of it: NORCO, LA - AUGUST 21: A gas flare from the Shell Chemical LP petroleum refinery illuminates the sky on August 21, 2019 in Norco, Louisiana. Located about 10 miles up the Mississippi River from New Orleans, the plant agreed to install $10 million in pollution monitoring and control equipment in 2018 to settle allegations that flares used to burn off emissions were operating in violation of federal law (the Clean Air Act). Many of the coastal parishes in Louisiana have a long and ongoing history in oil and gas production, which is often at odds with concerns of environmentalists. (Photo by Drew Angerer/Getty Images)© Drew Angerer/Getty Images NORCO, LA - AUGUST 21: A gas flare from the Shell Chemical LP petroleum refinery illuminates the sky on August 21, 2019 in Norco, Louisiana. Located about 10 miles up the Mississippi River from New Orleans, the plant agreed to install $10 million in pollution monitoring and control equipment in 2018 to settle allegations that flares used to burn off emissions were operating in violation of federal law (the Clean Air Act). Many of the coastal parishes in Louisiana have a long and ongoing history in oil and gas production, which is often at odds with concerns of environmentalists. (Photo by Drew Angerer/Getty Images)

Oil and gas companies should do much more to respond to the threat of climate change, and cannot rely on fossil fuels to keep driving returns, the International Energy Agency said in a report Monday.

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Oil and gas companies continue to invest heavily in projects such as deepwater fields, despite the climate crisis . “Investors should challenge companies ’ spending on new fossil fuel production. The best way to both preserve shareholder value in the transition and align with climate change goals will

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Since 2015, the industry has directed less than 1% of its annual capital expenditure towards low-carbon businesses, according to the report.

Some companies have spent up to 5% but "there are few signs of the large-scale change in capital allocation needed to put the world on a more sustainable path," it said.

"No energy company will be unaffected by clean energy transitions," the International Energy Agency's executive director, Fatih Birol said in a statement. "Every part of the industry needs to consider how to respond. Doing nothing is simply not an option," he said.

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But despite low oil and natural gas prices, environmental commitments by the likes of Shell, BP and ExxonMobil have been relatively modest so far.

BP invested $500 million in low carbon activities in 2018, about 3% of annual capital expenditure, according to its annual report.

Shell has a three-year target beginning in 2019 to reduce its carbon footprint by 2-3%, while ExxonMobil has invested $9 billion over almost two decades in lower-emission energy solutions.

Reducing emissions

"The first immediate task for all parts of the industry is reducing the carbon footprint of their own operations," said Birol.

"As of today, around 15% of global energy-related greenhouse gas emissions come from the process of getting oil and gas out of the ground and to consumers. A large part of these emissions can be brought down relatively quickly and easily," he said.

Oil and gas companies can also play a crucial role in accelerating the deployment of clean energy technologies such as offshore wind, hydrogen, and carbon capture and storage. "Without the industry's input, these technologies may simply not achieve the scale needed for them to move the dial on emissions," Birol added.

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The climate crisis isn’t the only reason to kick fossil fuels – the prospect of a war to protect Saudi crude reminds us of that, says environmentalist and author Bill McKibben. We are sadly accustomed by now to the idea that our reliance on oil and gas causes random but predictable outbreaks of flood

The destructive impacts of the climate crisis are now following the trajectory of that economics maxim as horrors long predicted by scientists are becoming More destructive Category 5 hurricanes are developing, monster fires ignite and burn on every continent but Antarctica, ice is melting in large

The cost of developing these technologies represent an investment in companies' ability to prosper in the long term, the report said.

State oil firms

The report highlighted the important role to be played by state-owned oil companies, such as Saudi Aramco, which account for well over half of global production and an even larger share of reserves. In many cases, their host countries rely heavily on oil income.

The seven largest oil and gas companies account for just 12% of oil and gas reserves, 15% of production and 10% of emissions from industry operations, according to the report.

"The scale of the climate challenge requires a broad coalition encompassing governments, investors, companies and everyone else who is genuinely committed to reducing emissions," said Birol.

The International Energy Agency's report will be presented at the World Economic Forum in Davos, Switzerland on Tuesday.

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