Big Oil Faces Challenges in Carbon Capture and Decarbonisation Efforts at COP29
Climate Change and COP29: The Oil Industry's Stance
At COP29, climate change and carbon storage will be pivotal as big oil confronts the challenges of decarbonisation. ExxonMobil and OPEC are set to engage in critical discussions following their previous confrontations at COP28. The necessary cuts in fossil fuel production to achieve net zero targets are on the agenda, especially amid rising concerns about energy security and economic stability.
The Role of Carbon Capture in Decarbonisation
- UN Climate Conference will highlight the contrasting views of oil companies.
- Carbon capture serves as a focal point in the discussion. ExxonMobil maintains that oil remains essential for the global economy.
- IEA emphasizes the need for accelerated transition from fossil fuels to renewable energy sources.
Investments vs. Emissions Cuts
- Investment in clean energy surged to US$2 trillion last year.
- Despite claims, wind and solar only make up 4% of global energy consumption.
- OPEC’s insistence on the continuing relevance of oil resonates amidst growing demand.
With significant conflicts over climate policy between large oil companies and global climate objectives, COP29 is shaping up to be a crucial battleground for the future of the energy sector.
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.