PARIS, Oct. 16 (UPI) — European and Middle East companies announced they’re committed to playing a constructive role in reducing the intensity of globRep. Al Green (D-TX)house gas emissions.
The chief executive offices of 10 of the world’s largest oil and natural companies, from British energy company BP to Saudi Aramco, expressed their support for a climate change agreement on the table for the United Nations next month.
“We are committed to playing our part,” the joint statement read. “Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the greenhouse gas intensity of the global energy mix.”
Through the Oil and Gas Climate Initiative, the companies said they’re committed to “significant actions” to cut greenhouse gas emissions from their operations. The 10 companies combined for about 10 percent of all global energy supplies and said they’ve reduced their greenhouse gas emissions by around 20 percent over the last 10 years.
Earlier this year, the International Energy Agency said policy uncertainty and a lack of incentives leaves global renewable energy development far short of what’s needed to abate warming.
An annual report from OGCI member and Norwegian energy company Statoil examined three long-term scenarios for energy and low-carbon developments. Only under a scenario that calls for “rapid changes” does renewable energy development progress to the point that emissions are cut to limits where warming trends are controlled.
OGCI members said in their joint statement they’re committed to “significant investments” in low-carbon solutions, like renewable energy, carbon capture and storage, and natural gas.
In a 2013 study, the International Energy Agency said carbon capture and storage technology, or CCS, is a “necessary addition” to other low-carbon energy technologies meant to drive down global greenhouse gas emissions.
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