Carbon emissions reduction call for ‘well-designed’ regulation: GlobalData
This will also require investment in decarbonisation.
Carbon emissions reduction will call for a well-designed regulation and increased investment in decarbonisation, GlobalData reported.
Greenhouse gas emissions from oil and gas operations accounted for 15% of the total energy-related emissions worldwide in 2022; while 40% of the energy-related emissions came from the use of oil and gas power generation, heating, vehicle fuel, and industrial processes.
“Oil and gas companies are currently working to reduce scope 1 and 2 emissions, generated by their operations. Several leading companies have set themselves the target to reach operational net zero emissions by 2050,” Ravindra Puranik, Oil and Gas Analyst at GlobalData, said.
“To achieve this, companies are focusing on adopting new technologies, such as low-carbon hydrogen, carbon capture and storage; and making other operational changes like building renewable energy and biofuels capacities.”