The oil and gas industry is “actively transitioning into a more sustainable energy future” – but more needs to be done to guard against the risk of climate change – according to Norwegian firm DNV GL.
The company’s research showed that 57% of oil and gas companies have set targets for improving their climate performance.
More than one in four of the 723 ‘senior sector players’ surveyed expect their business to invest or increase investments in renewable energy this year.
But, only 39% of the organisations include climate change risk in their risk assessment, and only 9% said smart emission-reduction technology was a focus for their research and development work.
DNV GL vice president of communications Cathrine Thorp said: “We believe these numbers are too low. Most companies in the oil and gas industry need to future-proof their assets against the impact of climate change and, most importantly, there is no long-term future for the industry if we do not develop cost-effective carbon capture and storage technologies.”
The survey also found that 77% of the respondents believe gas will become an increasingly important part of the global energy mix over the next decade.
