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- Oscar Abbink
Oil and gas companies are taking many actions to reduce their greenhouse gas (GHG) emissions, in particular scope 1 (from use of hydrocarbons in their operations) and scope 2 emissions (indirect emissions from the generation of purchased energy). Some companies are also setting targets to reduce scope 3 emissions (emissions caused by suppliers and those associated with the transport and use of hydrocarbon products). There are many options to reduce scope 1/2 emissions, such as energy efficiency and replacing oil/gas with lower carbon alternatives. Companies are also investing in options such as CCS, direct air capture, and nature-based solutions to capture and sequester emitted GHG and reduce scope 3 emissions. What are the critical technologies to accelerate reduction in emissions? How much can methane emissions be reduced, and what are the actions industry is taking to achieve this? Although there is much progress to reduce emissions in the power sector, how can industry and governments work together to reduce emissions from industrial sectors including steel, cement, fertilizers, and refining & petrochemicals? Are policy mechanisms such as carbon price and the carbon border adjustment mechanism proposed by the EU necessary to reduce emissions? Is planting trees (or nature-based solutions) a sustainable option to capture emissions?