Opinion

Former Oil Industry Executive Urges Industry to Clean Up its Climate Plans


Bill Hafker, a former ExxonMobil executive recently discussed the oil and gas industry to US media and how it can address the issues of climate change.

The oil and gas industry currently account for approximately fifty percent of global carbon emissions. Industry experts have indicated that in order to address the challenge of climate change, the major oil and gas businesses need to become part of the wider solution.

oil and gas2322424
In an interview with CNBC, Bill Hafker explains that many of the leading oil and gas companies have the technical, financial and business expertise to effectively tackle the issues of climate change. Hafker suggests that the industry leaders will also need the support of investors and governments to create an effective climate plan.

Last year, shareholders at ExxonMobil introduced a new requirement for the business to identify its overall plans in managing climate change and more recently further pressure is being applied to develop a clear and efficient management plan.This process is being echoed across other oil majors, including Shell and Chevron, both of which are being pressed to develop a satisfactory plan for investors.

Existing climate reports for ExxonMobil and Chevron suggest that the government will not be successful in achieving the commitments laid out in the Paris Agreement, which affects the financial ability to sell their fossil fuel assets.
Oil major Shell has implemented a plan to maintain temperature rises to no more than two degrees celsius and also imposing a bold carbon reduction target. Industry experts, however, suggest that the plans lack what action points are necessary to achieve these targets.

Investors are pushing to see that oil and gas businesses are making a clear strategy to be part of the solution to climate change, and at the same time remain a profitable business. In order for this to be successful, oil and gas businesses need to create clear plans that actively support government strategies to make the transition towards a low carbon economy.
In the interview, Hafker suggests that oil and gas businesses need to focus more attention on the Paris climate targets and implement carbon emission reductions with supporting plans on how this can be achieved. These plans need to be supported by the Government, through the creation of effective incentives, rewarding businesses that do take action.

Hafker explains that many oil businesses identify themselves as integrated energy businesses which essentially could include a range of energy sources including solar, wind and nuclear. More recently, some of the leading oil businesses are investing and developing alternative energy sources in a drive towards low carbon energy sources. Through collaborative efforts with government, investors and other industries, oil and gas businesses have the opportunity to create a more resilient and sustainable future for the energy industry.

Explore the latest oil and gas jobs worldwide with Energy Jobline.


Visit source site

https://energyjobline.com/article/former-oil-indus...

ExxonMobilParis Climate Agreement

More items from gkimberley


Investments in Norwegian Renewables is at an All Time High - and the Former Oil & Gas Hub is Embracing the Wind of Change

Last week the public statistics authority in Norway (Statistics Norway) published its projections for investments in numerous areas (O&G, power, industry and mining). Results show that once again, investments in wind power are increasing rapidly, with the power delivery investments up by 22% so far ...

Grace Kimberley


Posted 1 month agoOpinion

A Client Perspective of Compliance in the Energy Market

Jamie Waters, Senior Director at  Progressive GE , the global talent development leader, covers the challenges clients face when dealing with compliance. Waters, with over 10 years energy recruitment experience, describes how Progressive GE manages customer's expectations within the field of compl ...

Grace Kimberley


Posted 1 month agoPress

Growing Energy Demand Won’t Be Met By Renewables Alone, Says BOSS Energy Director

Michael Johnson, director at the industry-leading recruitment agency, BOSS Energy, provides his thoughts on the current oil and gas market and the future challenges facing the industry. Johnson, a founding member of BOSS Energy, with 7 years energy recruitment experience highlights the focus of th ...

Grace Kimberley


Posted 2 months agoOpinion

UK Oil and Gas Tax Revenues Have Increased, Says HMRC

Figures from  HM Revenue and Customs  (HMRC) suggest oil and gas tax revenues are “in the black” for the first time since the industry downturn. Tax receipts have been  steadily increasing  and a total figure of £1.1bn was recorded for 2017-18. Figures from 2016-17 indicated a loss of over £316m. ...

Grace Kimberley


Posted 3 months agoPress

Fircroft: BP Starts-Up Shah Deniz 2 Project in Azerbaijan

BP has this week announced the start-up of the landmark  Shah Deniz 2 project in Azerbaijan  along with its first commercial gas delivery to Turkey. Shah Deniz 2 is BP's largest new upstream project in 2018 and is the second of six project start-ups expected for the year from the British multinatio ...

Grace Kimberley


Posted 3 months agoPress
All posts from gkimberley