June 2017 marks the seventh month since the Paris Climate Agreement came into force on November 4, 2016. The Agreement, which has been ratified by 148 member states of the United Nations Framework Convention on Climate Change (UNFCCC), was drafted in 2015 as a global effort to combat climate change by limiting the rise in global temperature to below 2 degrees Celsius.
The global oil and gas industry, which is forecast to account for approximately 2.5 percent of the global economy in 2017, is expected to play a key role in this e ort, since in order to meet the Paris Climate Agreement’s remaining carbon budget of 779 gigatons (GtCO2), two-thirds of proven fossil fuel reserves would have to be left underground prior to 2050.
With this report, we hope to shed some light on the growing scale of challenges faced by oil and gas companies today, as they strive to meet the rising global demand for energy resources, while at the same time adhering to their commitments to operate sustainably.
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