Oil firms insist fossil fuels have a role in the transition
Pivot from oil to gas and development of CCS will form initial part of firms’ decarbonisation strategies
Carbon sinks will be vital in helping meet the goals of the Paris Agreement, with fossil fuels still likely to form some part of the energy mix in 2050, according to a panel of oil and gas executives speaking at the Climate Governance Initiative Global Summit. Even the IEA’s sustainable development scenario—which models the lowest fossil fuel demand of all its scenarios—sees hydrocarbon demand of over 5.8bn t/yr oe in 2040, making the role of carbon sinks key. “Consumers will have to pay premium for green fuels,” Pouyanne, Total In the near-term, oil and gas firms involved in the transition to a low-carbon economy will focus on reducing scope one and scope two emissions, as well as t

Also in this section
22 July 2025
Sinopec hosts launch of global sharing platform as Beijing looks to draw on international investors and expertise
22 July 2025
Africa’s most populous nation puts cap-and-trade and voluntary markets at the centre of its emerging strategy to achieve net zero by 2060
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30