UN Environment and IPIECA have released a summary report outlining the main discussions and findings from their dialogue Oil and gas in a carbon constrained world: perspectives, challenges, and opportunities, which took place on 26-27 May 2017. The report highlights some of the opportunities and challenges to decarbonize the transport sector, the importance of reducing emissions from agriculture and land use, as well as managing methane emissions alongside CO2.
UN Environment and IPIECA organized the two-day dialogue to discuss the implications of the Paris Agreement for the oil and gas and other sectors that rely on fossil fuels for their operations. Experts participated from international organizations, oil and gas companies, financial institutions, utilities, non-governmental organizations, and research institutions including the International Energy Agency, Air Transport Action Group, HSBC, Natural Resources Defence Council, Environment Defense Fund, Massachusetts Institute of Technology, and the University of Oxford.
Over the two days, the group discussed topics ranging from options for mitigating the carbon emission impact of oil and gas along the entire value chain, including the role of new and existing technologies in achieving this goal; financial sector perspectives and views on managing climate-related risks in the industry and its role for triggering low carbon investments; decarbonization perspectives (short/medium term and long term), and options for selected industries such as utilities, aviation, transport, and agriculture.
This forms part of IPIECA’s work on low-emissions pathways, demonstrating the industry’s role in helping to transform the energy system. IPIECA and UN Environment are looking at potential areas for further collaboration.