Responding to climate change
Our industry recognises the profound challenges of climate change and will be part of the solution in moving to a lower emissions world.
We can do this through through greater energy efficiency and lower carbon intensity, replacing higher emitting fuel sources, supporting renewable electricity, carbon capture and storage, and managing methane emissions from production.
The challenge is great because demand for energy is growing as the world’s population increases, economies develop and we become more urbanised.
Our industry exists because people need affordable and reliable energy to live better lives - to power industry, heat homes, light cities and transport people and goods.
Renewable sources are rapidly growing but cannot keep up on their own, given they still only provide less than 10% of the world's total energy. This is why the International Energy Agency says that new oil and natural gas reserves will still need to be developed even to meet the two degree target set in Paris in 2015.
Natural gas will be a crucial transition fuel as we move to a lower emissions world. It generates the least CO2 of fossil fuels (with half the emissions of coal), but retains all the advantages. Replacing coal with natural gas is one of the fastest, lowest cost and most secure ways to reduce emissions for many countries.
Natural gas also makes renewable electricity affordable and practical by providing a reliable back-up when supply is unreliable.
Importantly, there are also many different uses of oil and natural gas that don't involve burning them and releasing emissions.
You can find out more about these issues in our publication "A Changing Role: The Future of Oil and Gas in a Lower Carbon World."