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ITP Media Group announces launch of Oil & Gas KSA

by Matthew AmlotFebruary 18, 2022February 18, 2022

The new platform seeks to inform the key decision-makers and influencers in the Saudi Arabian energy market

ITP Media Group announced Friday that it would be launching a new platform exclusively for Saudi Arabia’s energy sector: Oil & Gas KSA. The new brand will be launching on February 28, and was conceived as interest has grown from our Saudi Arabian readership in Oil & Gas Middle East. The launch is perhaps unsurprising […]

News

Energy transition is opportunity to transform, diversify UAE economy: Sultan Al Jaber

by Matthew AmlotJanuary 19, 2022January 19, 2022

Dr. Al Jaber was speaking during a virtual panel session titled ‘Projecting COP Ambitions across COP27 and COP28 and Economic Diversification Priorities Post-pandemic’ at the Abu Dhabi Sustainability Week

The global energy transition is an opportunity for the UAE to transform and diversify its economy, Dr. Sultan Al Jaber, the country’s Minister of Industry and Advanced Technology and Special Envoy for Climate Change said Tuesday, state-news agency WAM reported. Dr. Al Jaber was speaking during a virtual panel session titled ‘Projecting COP Ambitions across […]

Sustainability, reducing greenhouse gas emissions, and the energy transition have been hot button issues for the oil and gas industry as the sector looks to build back from the COVID-19 pandemic. Policy makers around the world have been examining methods to encourage companies to reduce carbon emissions. Among these, instituting carbon pricing, a term referring to a policy that would put a dollar cost on emissions that emitters would have to pay, has emerged as a popular topic of discussion. A new report from multinational professional services firm Pricewaterhouse Coopers (PwC) has found that an international carbon price floor (ICPF) for carbon dioxide and other greenhouse gas emissions could reduce global greenhouse gas emissions by 12.3 percent. Encouragingly, the firm found that the cost of implementing the policy would be equal to less than one percent of GDP, and, more importantly, that this cost would effectively pay for itself by avoiding economic losses associated with global warming. “We found that introducing an ICPF could be done without severe economic damage to livelihoods and business, although the effects would be somewhat uneven across the world. The costs to society and business of failing to act are far greater,” says Robert Moritz, global chairman of the PwC network. PwC analysed a proposal from the International Monetary Fund announced in June to set an ICPF of greenhouse gas emissions that by 2030 would reach $75 per tonne for high-income countries, $50 per tonne for middle-income countries, and $25 per tonne for low-income countries. Importantly, this policy is designed to encourage greenhouse gas emissions to be lowered everywhere, rather than emitters simply moving operations to countries were the cost of greenhouse gas emissions would are lower. Today, carbon is priced anywhere between $0 and $130 per tonne of CO2 equivalent in different territories around the world. As such, countries have been reluctant to place onerous costs on the production of carbon due to the risk of decreasing their international competitiveness. By implementing a global policy, this problem is greatly reduced – along with reducing the possibility businesses shifting carbon production from one area to another in a bid to avoid additional costs, a dynamic referred to as carbon leakage. PwC’s scenario found that an ICPF would not lead to major carbon leakage, but also found that its impact would be uneven across territories and sectors, with lower-income countries that rely heavily on coal for energy being harder hit, for example. As such, PwC noted that examining the use of the revenue gained from carbon pricing would be key to understanding the efficacy of the policy. “The political and technical challenges remain very significant, but we hope the research will encourage countries to consider pricing carbon in such a way that it scales up effort to reach net zero in time to limit the worst effects of climate change on people and our planet,” Moritz says. Revenues that would be raised from a carbon pricing policy would be significant, which could then be used to help ease the transition. In some regions, PwC found that revenues from an ICPF could be as high as three percent of GDP. In the firm’s scenario, these funds are collected and then redistributed to all regions where the revenues were collected, creating, in effect, a carbon dividend which would help households that have been hit by the additional costs caused by the introduction of the ICPF. Additionally, these revenues could be used to supplement innovation research, create jobs, or lower taxes. PwC estimates that for low-income economies, only 13 percent of revenues raised by the ICPF in high-income economies would be needed to compensate for GDP losses caused by the policy. In particular, the firm points to the South African Customs Union and China as regions which would be most heavily impacted by the ICPF. In these regions, PwC believes carbon pricing revenues could reach 2.8 percent and 1.7 percent of GDP, respectively. “The results of analysis of the ICPF are extremely positive. Public-private cooperation will be key for next steps and to accelerate efforts for a more sustainable and inclusive recovery,” Børge Brende, President at the World Economic Forum says. The firm also analysed the differences between the application of an ICPF if it were limited only to high-income countries versus middle-income countries as well. PwC found that if only high-income countries were included, the global emission drop would reach just 1.9 percent, compared to estimated 2030 figures without an ICPF. However, if middle-income countries, particularly China, are included then the drop in emissions would jump to eight percent. For the 12.3 percent figure to be hit, an ICPF would need to be applied to all countries globally. If the ICPF were implemented globally, and when combined with countries’ existing pledges for emission reductions, global warming could be limited to 2C, the firm said. While this figure is still significantly higher than the 1.5C limit that scientists have previously pointed to as essential to prevent catastrophic climate damage, PwC believes that an ICPF, combined with additional climate ambition and action, would give the world a much greater chance of adhering to 1.5C.

News

Carbon pricing could be vital in preventing severe climate change

by Matthew AmlotDecember 26, 2021December 26, 2021

The policy represents an effective way to reduce emissions, while paying for itself in revenues gained, PwC finds

Sustainability, reducing greenhouse gas emissions, and the energy transition have been hot button issues for the oil and gas industry as the sector looks to build back from the COVID-19 pandemic. Policy makers around the world have been examining methods to encourage companies to reduce carbon emissions. Among these, instituting carbon pricing, a term referring […]

Peter Wood, the chief energy adviser for Shell

News

The uneven, uncertain future for energy

by Matthew AmlotDecember 12, 2021December 12, 2021

Shell Chief Energy Adviser Peter Wood explains to Oil & Gas Middle East the outlook for the energy industry's transition to renewables

The energy transition and the fight against climate change are big, bold ideas that have consistently been making their way up the table in terms of importance among policy makers, industry stakeholders, and the general public. While industry leaders across the board are investing in climate action initiatives, disagreements persist around how to decarbonise effectively […]

Hardeep Singh Puri, India’s Minister for Petroleum and Natural Gas & Minister for Housing and Urban Affairs, at Expo 2020

News

GCC countries need to identify consumers for big green energy investments: Indian oil minister

by Staff WriterNovember 29, 2021November 29, 2021

The world is still going to “need large amounts of fossil fuels” for a while yet, the minister added.

Countries in the Arabian Gulf have made big bets on green energy, but India’s oil minister says questions still need to asked as to who the consumer will be. “GCC countries in the region and elsewhere have … made very bold announcements to move into green energy and they want to be part of the […]

News, ADIPEC

Cloud integration, innovation crucial tool for oil and gas industry throughout energy transition: Experts

by Matthew AmlotNovember 28, 2021November 28, 2021

The only way to reduce emissions is with effective measurements, according to experts.

Making good use of the cloud-based technology and solutions will be an important tool for the energy industry as the sector continues to look for more ways to decarbonise and promote sustainability, experts told Oil & Gas Middle East. Sustainability has been a hot topic in the energy industry, with firms looking to promote the […]

News, ADIPEC

OPEC+ has delivered more than any other group “anywhere on planet earth”: Prince Abdulaziz bin Salman

by Matthew AmlôtNovember 15, 2021November 16, 2021

The group has maintained stability for global oil markets, Saudi Arabia's oil minister said.

The OPEC+ group has delivered more remarkably than any other group on planet earth and demonstrated a cohesion that has brought stability and sustainability to oil markets, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday. Prince Abdulaziz was speaking during the ADIPEC 2021 opening ceremony in a panel focused on shedding light […]

Energy Transition

The energy transition must place people at the strategic centre

by Carla SertinNovember 9, 2021November 9, 2021

The energy transition will be powered not only by technology, but through cultural shifts, partnerships, and strategic investments, says Christian Cravedi, ABB SVP and hub manager for Energy Industries, India, Middle East, and Africa Region

The energy transition question is no longer about “if” the oil and gas sector should drive change, but “how” it will do so. As companies consider the energy mix of the future, they need partners to enable their transition. The efficiency question “Through the energy transition, we will have multiple sources of energy that must […]

Oil & Gas Future Forum, Events

How HSE will transform post-pandemic

by Carla SertinNovember 8, 2021November 9, 2021

Read the major takeaways from our HSE panel at the Oil & Gas Future Forum, or watch the full panel on-demand

During Oil & Gas Middle East‘s panel, ‘How HSE will transform post-pandemic’, Shaun Hannam, EMEA head of HSES at McDermott and May Faraj, head of environment and sustainability at WSP in the Middle East discussed how the pandemic impacted their overall HSE strategy, and the future for health and safety. How did the pandemic impact […]

Oil & Gas Future Forum, Events

What will industry growth look like in the post-pandemic era?

by Carla SertinNovember 7, 2021November 9, 2021

Find out what the experts said at this year's Oil & Gas Future Forum

There is no doubt that our era will be divided into “pre-COVID” and “post-COVID” periods. But what will the post-COVID energy landscape look like? On 27 October, we gathered experts from across the industry for our second annual Oil & Gas Future Forum, held virtually. Over the course of three discussions, we heard from international […]

Search results

ITP Media Group announces launch of Oil & Gas KSA

Energy transition is opportunity to transform, diversify UAE economy: Sultan Al Jaber

Carbon pricing could be vital in preventing severe climate change

The uneven, uncertain future for energy

GCC countries need to identify consumers for big green energy investments: Indian oil minister

OPEC+ has delivered more than any other group “anywhere on planet earth”: Prince Abdulaziz bin Salman

The energy transition must place people at the strategic centre

How HSE will transform post-pandemic

What will industry growth look like in the post-pandemic era?

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