With the launch of the European Green Deal, the EU aims to become climate neutral by 2050.
The Green Deal’s holistic approach will mobilise all sectors of the European economy to achieve this objective. Going climate neutral will mean that emissions must be mitigated as much as possible, and the remaining, most difficult emissions or those which are impossible to eliminate are offset using a mix of solutions.
Climate neutrality is an ambitious objective, which may require fundamental changes to Europe’s lifestyle, business operations, and societal habits overall. Our industry is determined to provide solutions that build on existing assets and skills in order to minimise the disruption and cost linked to the transition towards climate neutrality.
The European oil & gas industry is committed to reducing its own emissions to play its part in the transition towards a climate neutral EU.
- Reducing its own carbon footprint
- Supplying cleaner energy
- Deploying low-carbon solutions for other sectors.
To reduce our own carbon footprint, our industry is actively pursuing efforts to minimise methane emissions, which is where most of the potential for GHG emission reduction in the upstream oil & gas sector lies. Other solutions such as energy efficiency improvements, the electrification of platforms and the use of renewable power are also implemented by our member companies across their operations.
The oil & gas industry is also committed to supply cleaner energy to help EU consumers and businesses reduce their own carbon footprint. This is done through a rebalancing of company portfolios in favour of natural gas, the large-scale supply of natural gas as a cleaner and affordable alternative to coal, but also through the supply of electricity, including from renewable energies.
With 2050 in mind, we have already begun working to deploy key technologies to make climate neutrality an achievable objective for Europe: Carbon Capture & Storage and clean hydrogen from the pyrolysis or reformation of natural gas, combined with CCS.