Climate Neutrality

With the launch of the European Green Deal, the EU aims to become climate neutral by 2050.
The European upstream oil and gas industry supports the EU’s objective to reach climate neutrality by 2050.

The Green Deal’s holistic approach will mobilize 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.

The European oil and gas industry is committed to reducing its own emissions to play its part in the transition towards a climate neutral EU. Our industry is determined to provide solutions that build on existing assets and skills in order to minimize the disruption and cost linked to the transition.

Our industry can make strong contributions to the European journey
towards climate neutrality by 2050:

Reducing our own carbon footprint

To reduce our own carbon footprint, our industry is actively pursuing efforts to minimize methane emissions, which is where most of the potential for GHG emission reduction in the upstream oil and 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.

Supplying cleaner energy

The oil and 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.

Deploying low-carbon solutions for other sectors

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.

 

Oil & Gas Industry Solutions Towards 2030 and 2050

OUR JOURNEY TO 2050

Related Publications

Manifesto: Oil & Gas Industry Solutions Towards 2030 and 2050

IOGP supports the EU’s objective of climate neutrality by 2050