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Energy

Oil firms back carbon cuts, renewables

The heads of ten of the world’s largest oil companies have publicly backed negotiation of a swingeing global carbon cutting agreement at next month’s COP21 meeting on climate change in Paris.

In a “milestone” declaration, the heads of BG Group, BP, ENI, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total joined forces to back carbon cuts consistent with limiting the average global temperature increase to 2°c by the end of the century.

“Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the GHG intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts,” the heads of the firms already making up the Oil and Gas Climate Initiative said.

Increased operational efficiency and usage of natural gas top the list of OGCI’s practical ambitions, alongside longer term research and development efforts into renewables and carbon capture and storage.

BP’s chief economist Spencer Dale earlier this week cited carbon emissions as the main brake on fossil fuel consumption given the revolution in shale oil technology which has allowed the world’s proven reserves to outpace rapid consumption growth over the past 35 years.

MS – 16/10/2015

 

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