The impacts of climate change on our planet are significant and undeniable. We have already passed 1°C of warming from pre-industrial levels and, according to the Intergovernmental Panel on Climate Change, this will continue to beyond 1.5°C by 2030 unless we dramatically change course. The Paris Agreement has set a goal to limit the global temperature increase to 2°C, and ideally not more than 1.5°C. We all have a collective responsibility to reduce emissions and decarbonise in line with this target.

The oil and gas industry must be a leader of change in the energy transition. How and where we source our energy plays an important role in a lower carbon energy future. Today, oil and gas contributes just over half the world’s global energy supply. It is also a necessary feedstock for almost every consumer product we use – from packaging to electric vehicles, pharmaceuticals to wind turbines.

However the world’s population and standards of living are rising and access to affordable energy will continue to underpin global economic growth. As a result, the global demand for energy is predicted to increase by around 20% by 2040. The energy transition must not only help us mitigate climate change impacts, but it must be inclusive and no one should be left behind.

Oil and gas is here to stay, at least for the foreseeable future, but 5-8% of global carbon emissions come from its production. This makes it critical for the oil industry to reduce its operational emissions to the lowest possible level. As a result, we believe that the leaders of our industry will be those who can provide oil responsibly, at a low cost, and with low emissions.