Recently, the European Union and the United States came up with big plans to cut greenhouse gas emissions and show that they are leading the fight against climate change around the world. These plans include strict controls on methane and investments in technology to capture and store carbon. These steps have a lot of potential to help Europe use less coal and other dirty fuels and reach its climate goals.
Gas is the cleanest fossil fuel and makes less carbon pollution than coal. Recent technological advances are also making it cheaper to find natural gas in places where it isn't expected to be. This kind of fuel is a stopgap until the 21st century gets a new energy economy. And because it could replace coal, the EU should put building LNG ports at the top of its list of priorities. The EU has promised to cut methane emissions from its energy sector by 2030. To do this, it is talking to international partners. But the EU and its partners still have a long way to go, even though they have made some progress. Even the most ambitious plans could fail if the EU keeps buying gas from Russia at the current rate. Also, the EU Commission has said that it won't let countries that don't keep track of methane emissions send gas to the EU. California has also taken a big step toward making buildings use less energy. The energy commission did something important when it added a way for all-electric low-rise buildings to meet the rules. The state is looking into more ways to add electricity to buildings, such as making all new buildings run on electricity. This measure doesn't ban natural gas outright, but it will make electric heat pumps less expensive and make sure that all-electric appliances can be wired into new buildings. Consumers, regulators, investors, and people who care about the environment all want the oil and gas industry to do better. In response to this pressure, operators are realizing more and more that they need to find sustainable ways to deliver energy assets. It is both the right thing to do and the only way to move forward. China and India have also said they will change how they use energy. The change to a low-carbon economy must happen all over the world, and most likely, these policies will include gas. But the change won't be complete until there is a plan for the change to clean energy. Oil and gas companies need to take bold steps to fight climate change if they want the switch to renewable energy to work. Even though the goal of net-zero emissions is still a long way off, a goal of reducing emissions by 80% is a good one. For the energy transition to happen, you must do all three sets of actions. The oil and gas industry has a unique chance to take the lead on this. As the world moves toward a low-carbon economy, oil and gas companies are rethinking how they do business. They can invest in electric infrastructure to meet the needs of end users and support upstream operations with less greenhouse gas pollution. In this way, the industry can keep up with the competition.
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