IEA Suggests Two Per Cent of Profits goes to fund Reduction of Emissions in Oil, Gas Operations

The International Energy Agency (IEA) recently highlighted the possibility of dedicating 2% of oil and gas income to pay for operational emissions reduction efforts.

According to the International Energy Agency’s research on decreasing emissions in the oil and gas business, worldwide corporations in this sector will have record profits in 2022, with net revenue reaching about $4 trillion.

Surprisingly, just 2% of these gains would be enough to pay the expenses of adopting methane emission reduction measures across the supply chain.

The research emphasises the need for oil and gas firms throughout the world to implement proactive corporate strategies that prioritise investments in methane emissions reduction.
It gives these corporations two options: drastically reduce methane emissions or accelerate the phase-out of oil and gas activities to limit global temperature rise to 1.5°C.
However, talks at the Organisation of Petroleum Exporting Countries (OPEC) 8th International Seminar highlighted the continued relevance of oil and gas in addressing global energy demands for many decades to come.

OPEC Secretary General Haitham al Ghais emphasised the importance of the oil and gas industry in lowering carbon emissions and establishing market stability at the seminar.
He emphasised OPEC’s efforts to decrease its environmental footprint and seek a comprehensive and sustainable energy transition.
Al Ghais went on to underline the industry’s desire for an emissions-free future,

Emphasising the need of leveraging technology that may help organisations attend the conference make this transformation

Source: Allnews Nigeria

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