Climate Change: Navigating Big Oil's Influence at COP29 Amidst Decarbonisation Efforts
Climate Change and the Role of Big Oil at COP29
As COP29 nears, climate change remains a pressing issue. Big Oil, specifically ExxonMobil and OPEC, is poised to engage in heated debates over the future of the energy industry amid increasing demands for decarbonisation. During COP28, critical discussions surrounding carbon storage and transition strategies became evident, highlighting the challenges ahead.
The Clash of Perspectives on Carbon Emissions
- The International Energy Agency (IEA) emphasizes the need for sharp reductions in oil and gas production to meet net zero targets.
- BPs 2024 Energy Outlook expresses skepticism over projected demand from oil and gas companies.
- The 2025 Paris Agreement mandates significant cuts in carbon emissions to maintain temperatures below 1.5 degrees Celsius, further complicating fossil fuel reliance.
Challenges in Carbon Capture Technology
Despite investments in renewable energy, critics argue that faith in carbon capture as a solution is misplaced. Current operational projects are minimal, capturing only a fraction of the world’s emissions. Additionally, progress has been sluggish as high-profile carbon capture initiatives have faltered.
Looking Ahead: The Future of COP29 and Big Oil
The upcoming UN climate conference is set to be contentious as competing interests clash. With pushback from major oil companies, the path to a sustainable future remains tenuous yet critical for achieving decarbonisation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.