As responses to climate change impacts extend beyond greenhouse gas (GHG) emissions mitigation, governments and companies increasingly recognize the need to integrate adaptation planning and implementation into balanced risk management strategies. In this context, IPIECA has released a new awareness briefing Addressing adaptation in the oil and gas industry.
The briefing is intended for anyone with an interest in the role of adaptation planning in the industry. It examines oil and gas industry awareness of climate change-related risks, and identifies appropriate responses and ways in which these responses are being integrated into broad risk management frameworks. Structured to provide an overview of the adaptation planning process, the document includes:
- examples of climate risks identified by the oil and gas industry
- an outline of risk evaluation processes related to specific potential impacts, and
- in-use examples of risk adaptation and management.
To help inform risk management processes across the industry, IPIECA organized a workshop that brought together experts from academia, the insurance industry, a GHG emissions disclosure organization, engineering consultants, government research organizations, and the oil and gas sector. Participants discussed the role of adaptation in climate risk management for society, ecosystems, and the oil and gas industry. This briefing builds on the workshop's findings.