Meeting the challenge of climate change in the context of sustainable development requires actions from all parts of society. IPIECA views the Paris Agreement as an important step in addressing the risks of climate change. We believe that it is possible to address climate risks while also meeting growing global energy demand and supporting economic development.
Meeting the aims of the Paris Agreement implies a transformation of the energy system over the course of this century. Throughout this transition, oil and gas will continue to be an important part of the broad energy mix needed to deliver affordable, reliable and modern energy products and services.
There are many possible pathways to reach a low-emissions future, IPIECA’s publication Exploring low-emissions pathways: Advancing the Paris Puzzle provides the oil and gas view of such pathways, and identifies three common elements: improving efficiency and saving energy; reducing emissions from power generation; and deploying alternative low-emission options in end-use sectors.
Governments, business and industry, investors, consumers and civil society will need to collaborate closely to enable the transition. The oil and gas industry provides more than half of the world’s energy, and is an essential partner in sustainable development. Using its skills, capabilities and resources, the industry will play a key role in helping to transform the energy system.
- 02 June 2017