Will Net-Zero Oil And Gas Save Fossil Fuels From Extinction? – By Matthew DiLallo (IB Times) / April 12 2021
The oil industry is facing an uncertain future. The global economy is in the midst of a multidecade transition to cleaner fuel sources to reduce its carbon emissions profile. Many countries and companies have set ambitious goals of achieving net-zero carbon emissions by 2050.
While that suggests fossil fuels have no future, energy companies are exploring ways to produce oil and gas without the associated emissions. They hope that producing net-zero or carbon-neutral oil and gas will allow fossil fuels to have a role in fueling the economy in the future.
What is net-zero oil and gas?
Oil and natural gas are hydrocarbons. As such, they emit carbon dioxide and other greenhouse gases when burned as fuel sources. Scientists believe that those associated greenhouse gases are contributing to climate change. With growing concerns about how much climate change could impact the economy in the future, it’s leading governments and companies to accelerate their transition to lower-carbon fuel sources.
The oil and gas industry believes that it can go from being one of the contributors to this problem to providing an economical solution. Driving that view is the industry’s belief it can reduce and offset the emissions profile of its operations and the usage of its end products to net out at zero.
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