01 March 2022

KEY ROLE OF THE O&G INDUSTRY IN THE ENERGY TRANSITION TO A NET-ZERO EMISSIONS FUTURE BY 2050

  • The 26th UN Climate Change conference of the Parties (COP26) took place in Glasgow, United Kingdom, at the end of 2021, within the UN Framework Convention on Climate Change. The main conclusion reached was the need for nations to commit to updating and revising climate plans by 2022, with the aim of reducing CO2 emissions by 45% by 2030.

    Earlier this year, ARPEL's Climate Change Working Group published a Report aimed to Senior Management, bringing together the main conclusions of COP26 and arguing that: "Our industry will play a leading role in the energy transition to a net-zero emissions future by 2050".

    This COP coincided with the completion of five years since the Paris Agreement was reached. Therefore, it was the first opportunity for countries to formally review their Nationally Determined Contributions (NDCs) for the period up to 2030, and present strategies to reduce Greenhouse Gases by 2050.

    The five main issues contained in the set of decisions called "Glasgow Climate Pact” were the importance of scaling up mitigation actions; insufficient long-term finance, which must be increased; need for collaboration and sustained resource input for the Technology Mechanism; Definition of Article 6 implementation mechanisms that enable the expansion of carbon markets; and improvements to the transparency framework for NDCs.

    Download link in English and Spanish: https://arpel.org/library/publication/534/

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