Around $600 billion in spending is required this decade to achieve the cut in oil and gas emissions, according to a new IEA report. The report identifies five key levers to achieve this reduction, including: tackling methane emissions; eliminating all non-emergency flaring; electrifying upstream facilities with low-emissions electricity; equipping oil and gas processes with carbon capture, utilization, and storage; and expanding the use of low-emissions hydrogen in refineries. Tackling methane emissions is the most important measure to limit emissions from the industry’s operations. It is also one of the most cost-effective and impactful measures to cut emissions across the economy and limit near-term global warming.
- Achieving reduction in oil and gas emissions will require a $600 billion expenditure, says IEA