Oil & gas in pursuit of the energy transition, part 1: Net zero and the trilemma

In the first part of the fifth chapter of our history of oil and gas, we move the story on to the climate crisis and push for net-zero carbon emissions

The COP28 meeting launched a number of initiatives, most of which will have important impact on the greenhouse gas (GHG) emissions. For example, the Global Renewables and Energy Efficiency Pledge commits the signatories to triple the world’s installed renewable energy generation capacity and double the global average annual rate of energy efficiency by 2030.  In the oil and gas (O&G) sector, 52 countries signed an O&G Decarbonization Charter, committing to net-zero operations by 2050 at the latest and ending routine flaring, resulting in near-zero upstream methane emissions by 2030.  If governments fully implement their pledges, the “oil and gas demand would be 45% below today's leve