Oil CEOs push carbon-capture efforts ahead of climate talks

A group of 13 companies known as Oil and Gas Climate Initiative (OGCI) spoke out on Monday about the progresses they made in promoting investments in carbon capture, use and storage (CCUS).

OGCI said it is ready to make investments. These, though, relies heavily on technology in order to meet Paris goals and double the amount of carbon dioxide stored globally by 2030. Eventually, according to experts, technology will make drilling carbon neutral. The group announced that it is also working towards methane emissions reduction and and energy efficiency increase.

Oil and Gas Climate Initiative, that includes major oil companies and accounts for more than 30% of worldwide oil and gas production,  remarked the “persistent role for fossil fuels”.

UN meeting of 66 nations, meanwhile, set the goal of reaching net zero carbon emissions by the year 2050. The aim is to reduce greenhouse gas emissions by promoting sustainable initiatives and pushing towards investments in green economics. Global interest on climate change, in fact, is rising, thanks to the work of activists like 16-year-old Greta Thunberg and her movement “Fridays For Future“.

For this reason, oil and gas industry has faced heavy criticism recently, being accused of high levels of CO2 emissions and environment damage. Moreover, further pressure on the industry comes from the rise of renewable energy.

This might be an important turning point in the oil and gas industry.

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