Earlier this week, the head of EDF’s energy program, Mark Brownstein, asked whether the oil and gas industry was serious about climate and proposed that Monday’s annual CEO meeting of the Oil and Gas Climate Initiative companies, which includes BP, Exxon, Shell and others, could provide an answer.
I attended the meeting and listened for a real plan to transition to a low carbon economy. Though there were some bright spots, it was clear that however serious the industry is about climate, it’s not serious enough. If OGCI companies, individually and collectively, are going to demonstrate that industry can be part of the climate solution at the necessary pace and scale, 2020 is going to have to be a big year.
On the positive side, there is widespread agreement among OCGI members that substantial changes must be made to the energy system to reduce emissions. There were also encouraging reports about advances in methane monitoring and stated ambition to accelerate carbon removal technology, whether from the energy system or the atmosphere.
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A new bill (AB 1328) just passed in the California legislature and is awaiting Gov. Newsom’s signature. The bill requires California’s Division of Oil, Gas, and Geothermal Resources, in consultation with the California Air Resources Board, to initiate an independent evaluation of the climate and health pollution impacts from idle, deserted and abandoned wells Just like active production sites, these inactive oil and gas wells can leak pollution, affecting communities through climate change and health impacts.
