About IP Week: defining the industry’s role, delivering a low carbon future Transformation through innovation, technology and talent Sustainable Development Goals 7 and 13 define the need globally for all to have access to clean energy. Demand for energy continues to grow - by an estimated 25% by 2040 - as the population expands, and energy delivers wellbeing and better living standards to all. Almost 3 billion people still don’t have access to modern, safe energy for cooking, and almost a billion don’t have access to electricity and the services it provides. The climate science is clear - we must remove harmful greenhouse gases from the atmosphere to levels that limit the damage that global temperature rises can cause. Therefore, transformational change is needed in our approach to developing, supplying and using energy and the pace of change must accelerate. This is a challenge and opportunity for all sectors of the global economy to address. Civil society, the state, investors, shareholders and business leaders must collaborate to deliver the transformation we need. Among each of these groups this recognition is becoming more obvious, but the challenge comes in finding ways to collaborate to deliver the solutions, because they are needed now and in the near term. What does this mean for the oil and gas industry and what will the debate be at IP Week 2020? We must explain why we are here now and what we provide to the world – an honest story is the one which explains that 60% of the world’s needs are met by oil and gas – and we cannot simply turn it off tomorrow. We should showcase what we are doing to transform how we provide energy to all. The human ingenuity, skill and talent in our industry should be acknowledged and it will be central to our future success. In the meantime, our operations today need to be as clean and efficient as technology will allow for. We must renew our focus and toughen targets to reduce greenhouse gases, not just in scope 1 and 2 but also in 3 – reducing the impacts of the products we produce. We must find a more effective way to price carbon that makes business sense. We must move more quickly to deploy and scale up the carbon reducing technologies we understand today. We should also think more laterally about how integration across the oil and gas value chains with other low carbon energy sources can fuel our future for cleaner power, heat and mobility.
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