National Oil Companies and global efforts to address climate change
Author : Sandheep S S
Oil production is one of the key elements that drive our world into the future. But along with the production of oil, it also brings in the risk of emission of harmful gases which affects the environment and leads to climate changes. National Oil Companies play an important part as they produce more than 50% of the world’s Oil and gas. But many Climates activists overlook the NOC as it will affect the whole world’s economy and government as it brings in huge revenue.
On taking action about the current situation, NRGI and IISD held many webinars and came up with some crucial topics. Firstly, how politics play a huge role in this issue. Governments must take care of the production, finances, and climate change issues.
Making steady decreases in emissions with the same old benchmark at this point is enough to moderate the impacts of environmental change. This is a direct result of the fast and crucial change in the manner we deliver and burn through energy.
These organizations and ruling machines ought to consider any new oil and gas investments considering the future demands which are uncertain, taking environmental impacts into consideration. In the meantime, business as a usual methodology in numerous nations whereby NOCs reinvest the majority of their oil incomes straight back into the area points to a developing risk when it comes to moving away from fossil fuels.
How easy it will be for NOC s in new producing countries to transition than for established producers is a question to be answered. Here and there indeed, as they are not yet secured in an oil improvement pathway. Notwithstanding, these makers regularly do not have the monetary assets required for such transition is the truth.
Content Source: IISD
Image source: Investors lounge
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