The International Associafion of OIl & Gas Producers (IOGP) has highlighted tne role of oil and gas in the energy transition, noting that according to the International Energy Agency’s (IEA) 2021 World Energy Outlook Sustainable Development Scenario, oil and gas will meet 46% of the global energy demand in 2030
“Oil and gas is vital to an orderly energy transition,” said Iman Hill, executive director of the IOGP.
In 2030, under the most aggressive global climate policy, oil demand will still be above 70 million barrels per day.
Achieving a low-carbon future requires a profound transformation in the way we produce and use energy that can only be achieved with a broad suite of technologies.
The industry is making significant contributions in several areas: supporting the switch from coal to gas in power plants; reducing greenhouse gas emissions; and investing in renewables, biofuels, and carbon capture and storage (CCS).
CCS is key for heavy industries that are responsible for 20% of global greenhouse gas emissions. When retrofitted to existing power plants, CCS may save 600 billion tonnes of global emissions.
The Association has endorsed EU’s Green Deal that has committed to net-zero emissions by 2050 and supports the World Bank’s goal of zero flaring emissions by 2030.
