With extreme weather conditions growing more frequent, as we have seen in the news recently, Chicago was colder than parts of Mars and a few months back with the wildfires in California. Effects of climate change are starting to have a bigger impact on peoples’ lives.
Despite all this, demand for oil is constantly rising, with predictions that it will reach a staggering increase of 13% by 2030. Energy majors are planning multi-trillion-dollar investments to keep up with the ever-increasing demand in oil and gas.
The trouble is that to lower the Earth’s temperature to the bare minimum, the use of oil and gas would need to fall by 20% by 2030 and by 55% in 2050.
It is not the fault of energy firms as they are only responding to the incentives set by society.
Financial returns from oil are also much higher than they are from renewables and millions of pensioners and savers also rely on the profits of oil companies. Not only is it legal for these companies to maximise their profits, but it is also a requirement that shareholders have a right to enforce.
Energy companies are adapting and investing into reducing emissions as the population grows and demand increases further.
BP have re branded their company to “beyond petroleum” and have generated over 12 million tonnes of CO2 reductions through carbon offsetting projects.
ExxonMobil have invested millions in lower-emission energy solutions and has also announced greenhouse gas reduction measures, to decrease 15% of methane emissions by next year.
The next 15 years will be of high importance for the impact that we will make on the carbon footprint.