from its portfolio because their long-term business models are incompatible with the Paris climate agreement.for many young people. Any industry depends on fresh thinking and new capacities, and oil and gasfind it increasingly difficult to attract or retain that vital asset. Unless the industry can reinvent itself quickly it may follow the path of electric utilities. They failed to appreciate the depth and speed of the energy transition; now they find themselves struggling.
The global climate strikes and the Climate Action Summit make this an auspicious moment for the oil and gas industry’s Climate Initiative to lead the transition of their industry. If it is to continue beyond 2050, it can no longer be an emitter of greenhouse gases or sell products that are. In the short term, oil and gas companies must prove their commitment to net-zero emissions by 2050. To do so, they should eliminate methane emissions and withdraw from direct or indirect lobbying efforts against climate change regulation.finance substantial reforestation around the worldcan expand— an area roughly the size of the United States — without affecting cities or agriculture.
At the same time, leadership by governments is critical. As the industry prepares itself for the low-carbon world by investing in clean innovation and retraining workforces, governments must set the long-term path. Some governments already have concrete plans, but many more must do likewise. Those plans will need to ensure that the price of fossil fuels reflects their true cost for the planet and society, which means ending fossil fuel subsidies and.
We need to unite behind the science that tells us the world is warming dangerously from the burning of fossil fuels and put the carbon back where it belongs: in