(Brussels, 28 November 2018) The European Commission’s Strategy for Long-Term GHG Emission Reduction is a welcome first step to kickstart discussions around carbon neutrality in the EU by 2050. The Oil & Gas industry looks forward to working with EU policymakers to deploy cost-efficient solutions which benefit both citizens, industry and the climate, while delivering Europe competitive and innovative gains.
“We congratulate the Commission for delivering this important starting piece for all energy & climate actors to reflect on ahead of COP24 and in the months to come. We look forward to working with the new Parliament and Commission to turn it into practical steps and give Carbon Capture Use and Storage (CCUS) and hydrogen the place they need to support reaching the EU’s objective under the Paris Agreement” commented IOGP’s EU Director François-Régis Mouton.
The smart use of oil & gas can help put the EU on the right track. Switching from coal to gas wherever possible also helps improve air quality be it on land or at sea. To maximize emission savings, the oil & gas industry will continue to reduce methane emissions so that Europe remains the world’s leading oil & gas producing region from an environmental perspective.
“The oil & gas industry is also well-placed to deliver innovative solutions for the long-term” said Mr Mouton: “however, we need the Commission to add its weight and voice to that of the IPCC and the IEA in acknowledging the crucial role CCUS and hydrogen will have in a net-zero emission economy. There is no time to waste – we need to start working on putting together public private partnerships that delivers the deployment of these offsetting and low-carbon technologies now if we want to go the extra mile tomorrow.”
Oil & gas companies operate 68% of the global CCUS capacity today. In Europe alone, there are 15 CCUS projects completed, in operation, or underway, but many more are needed if the EU is to reach carbon neutrality by 2050. IOGP is a member of the CCUS Coalition, a cross-industry initiative which calls on the EU to facilitate the uptake of this strategic technology.
“The Commission shows us that there are many ways to reach our objective. Now we need to make this strategy a success by being smart, inclusive, and adapting our solutions to Europe’s many realities. Having citizens on board is key to achieve these transitions” added Mr Mouton.
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The International Association of Oil & Gas Producers (IOGP) is the voice of the global upstream industry. Oil and gas continue to provide a significant proportion of the world’s energy to meet growing demands for heat, light and transport.
Our Members produce 40% of the world’s oil and gas. They operate in all producing regions: The Americas, Africa, Europe, the Middle East, the Caspian, Asia and Australia.
We serve industry regulators as a global partner for improving safety, environmental and social performance. We also act as a uniquely upstream forum in which our members identify and share knowledge and good practices to achieve improvements in health, safety, the environment, security and social responsibility.