CASE STUDY:HOW AN OIL AND GAS COMPANY SURVIVES THE LOW-CARBON TRANSITION

Posted by ALPHA88 CHARITY | Jan 18, 2019

The Paris Agreement is clear. We must limit the global temperature rise to well below 2C – striving for 1.5C – above pre-industrial levels to avoid the worst impacts of climate change.

For that to happen, global emissions need to peak and then rapidly fall to zero. Failing to do so will lead us into uncharted territory, with far-reaching consequences for our economy and societies around the world. Achieving this goal, however, will bring a multitude of benefits for both people and planet. But what does this transition mean for the oil and gas industry?

We spoke to Anthony Marino, President and CEO at international oil and gas producer Vermilion Energy Inc., to find out more about how the company is tackling the energy transition.

The extraction and burning of fossil fuels goes intrinsically against the vision set by the Paris Agreement, with scientists warning that vast swathes of fossil fuels must be left in the ground if we hope to hold the global temperature rise below dangerous levels. This means that the oil and gas industry must evolve beyond “business as usual” practices.

In 2017, CDP data found that just 100 companies – all energy producers – were linked to some 70% of global greenhouse gas emissions through their operations and their products. Fighting climate change therefore depends on these producers, and the fossil fuel sector they represent, including the oil and gas industry,to actively contribute to solutions.

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