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COP27: Industry Scores Wins But Pressure Builds

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UN COP27 climate negotiations concluded with what can best be described as a mixed win for oil and gas producers. A proposal to extend an existing commitment to phase down coal use to all fossil fuels was resisted by large oil and gas producers. They also succeeded in adding "low-emission" energy as a pathway for curbing greenhouse gases alongside renewables in the final deal — which could create more space for lower-carbon oil and gas. Near term, this was an obvious win for the industry. But advocates of stronger climate action are already looking to COP28 in the United Arab Emirates to push a stronger line against fossil fuels, with next year’s “stocktake” of progress toward Paris Agreement goals likely to intensify that pressure. The energy crisis and focus on energy security may have taken some pressure off oil and gas producers this year, but consuming nations seem to be sticking to their positions in the longer term.

Topics:
Hydrogen, Methane Emissions, Carbon Markets , CO2 Emissions, Low-Carbon Policy
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