Read on Twitter
Things OGCI gets right:
1. Progress toward a low carbon future requires meaningful action to reduce methane and CO2.
2. Reduction path needs to be consistent with Paris Accord
3. Energy transition is topic that both IOCs AND NOCs must engage.
But... https://oilandgasclimateinitiative.com/carbon-intensity-target-pr/
1. Progress toward a low carbon future requires meaningful action to reduce methane and CO2.
2. Reduction path needs to be consistent with Paris Accord
3. Energy transition is topic that both IOCs AND NOCs must engage.
But... https://oilandgasclimateinitiative.com/carbon-intensity-target-pr/
Things OGCI gets wrong:
1. Commitment limited to ‘operated’ assets. What about JVs, etc?
2. Unclear what ‘Paris compliant’ really means. Consistent with 1.5C? Net zero by 2050? Be precise.
3. Covering only ‘marketed’ O&G. What about methane never put to market. Flares?
And...
1. Commitment limited to ‘operated’ assets. What about JVs, etc?
2. Unclear what ‘Paris compliant’ really means. Consistent with 1.5C? Net zero by 2050? Be precise.
3. Covering only ‘marketed’ O&G. What about methane never put to market. Flares?
And...
4. Lack of transparency around reporting is a problem that continues to plague the OGCI enterprise. An EY seal or approval is not enough. Show us the data! Company by company, asset by asset. We can do our own math.
And so, finally...
And so, finally...
By virtue of who’s at the OGCI table, and the intentions expressed, this commitment is important. It should be a signal to the entire O&G industry to get engaged. But equally true is that even these ‘leaders’ have much more work to do if today’s announcement is to amount to much.
