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  • The industry's contribution to a just, equitable and orderly transition

As per the Ipieca Principles, Ipieca members support the Paris Agreement’s aims and the journey to a net-zero future by pursuing efforts to limit the temperature increase to well below 2 °C above pre-industrial levels, and pursuing efforts to limit it to 1.5 °C.

The urgency and size of this challenge requires unprecedented collaboration across all sectors and countries. A healthy and prosperous future for our planet and the people and nature on it is possible, but will require all parties, technologies and solutions to play their part.

The oil and gas industry is responding to the challenge of transforming the global energy system by decarbonising the production of oil and gas, and responding to increased demand for decarbonised energy products.

Reflecting the need to decarbonise oil and gas operations, which produce energy products and feedstocks for industries including petrochemicals and agriculture, many operators have made net-zero emissions (NZE) commitments. A range of measures are readily available and adopted within the industry to decarbonise the production of oil and gas, including:

  • Efficiency improvements in operations
  • Elimination of routine flaring, and minimisation of methane emissions
  • CCS
  • Deployment of renewable power

As there is no one size fits all approach for each region, each company will respond differently to changing demand from their customers for low-carbon products.

The oil and gas industry is also working together with other sectors, including those which are hard to decarbonise, including long-haul transport, petrochemicals, cement, steel, mining, marine transport, and aviation. The oil and gas industry is leading the development of low-carbon products and technological such as carbon capture and storage (CCS), hydrogen, biofuels, synthetic gasoline and lubricant necessary to support electric vehicles which can support these sector to decarbonise.

As the world moves towards a low-carbon economy, alternative energy technologies are becoming an ever more important part of the energy mix. Over the last few decades, oil and gas companies have been increasingly using, investing in and producing energy through alternative technologies such as wind and solar. The oil and gas sector is well placed to support the development of the supply chains of the critical minerals required by renewable energy projects in a way that respects human rights, supports local communities and protects the surrounding environment.

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