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UN Environment – IPIECA dialogue: Oil and gas in a carbon constrained world: perspectives, challenges, and opportunities

On 26-27 April, 2017 UN Environment and IPIECA organized a 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. 42 experts participated from governments, 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 including:

  • the Paris Agreement and its implications for industries that supply and use fossil fuels;
  • options for mitigating the carbon emission impact of oil and gas operations 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; and
  • decarbonization perspectives (short/medium term and long term) and options for selected industries such as utilities, aviation, transport, agriculture.

The dialogue highlighted 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 especially in upstream oil and gas operations, alongside carbon dioxide. The discussion also focused on the financial implications of the transition to a low-carbon economy and the critical role of Carbon Capture and Storage (CCS) technologies in meeting the Paris Agreement goals. The group recognised that a wide mix of energy sources including renewables, will be needed to reduce greenhouse gas emissions, but the deployment of CCS in the near-term future would help in achieving the targets of the Paris Agreement at a lower cost.

IPIECA and UN Environment will be publishing a summary document capturing the main messages and outcomes, and will announce when it is released.

Visit UN Environment event page for more information and presentations.