A comprehensive article in the December edition of Atlantic Business Magazine points out the oil and gas sector gets a bad rap, yet it’s helping to power the shift to renewable energy.
In the article, “Fossil fuels get a bad rap – people forget they’re powering environmental alternatives,” greening Atlantic Canada’s offshore oil and gas industry may not, in every case, include the expected shift to renewable energy but rather may involve retrofitting current operations to increase efficiency and environmental performance.
Companies not actively pursuing renewables are reducing GHG emissions through decarbonization technologies, biofuels, CCS, methane efficiency, zero-emissions production, and carbon sequestering.
“Existing offshore platforms are participating by setting measurable environmental objectives and targets. Many offshore companies are actively reducing their emissions.”
The article explores the recent oil price war, the effects of the pandemic and the impact of those challenges in terms of prompting oil and gas companies to take a more proactive role in pursuing sustainability, emissions reduction and clean growth.
“Increasingly, energy corporations must include sustainability as part of their business strategy. Innovation is a requirement to survival in lean times. To survive this transition, oil and gas companies must lead it. To thrive, they must be leaders on decarbonization and corporate social responsibility.”