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illuminem summarizes for you the essential news of the day. Read the full piece on MIT Technology Review or enjoy below:
🗞️ Driving the news: The UN COP28 climate summit in Dubai, hosted by one of the world’s largest oil producers, the United Arab Emirates, represents a critical juncture for oil and gas companies
• This event highlights the dual potential of these companies to either aid in addressing climate change or hinder progress due to vested interests in maintaining the status quo
🔭 The context: The oil and gas industry, a major player in the global economy with 12 million workers and $3.5 trillion in annual revenue, faces the prospect of major changes
• To align with net-zero greenhouse-gas emissions goals, the demand for oil and gas could drop by 75% by 2050
🌍 Why it matters for the planet: The energy sector is responsible for about three-quarters of global emissions, with fossil fuel extraction, processing, and transportation contributing significantly
• To achieve net-zero emissions, oil and gas companies must substantially reduce their emissions and pivot on cleaner technologies and energy sources
⏭️ What's next: For oil and gas companies to remain relevant and participate in the energy transition, they must shift focus towards cleaner energy and technologies like geothermal energy, offshore wind, and low-emissions hydrogen
• This shift requires significant investment and rethinking of traditional business models
💬 One quote: “The oil and gas industry is facing a moment of truth at COP28 in Dubai,” (Fatih Birol, executive director of the International Energy Agency)
📈 One stat: The industry will need to cut emissions from production and processing by about 60% by 2030, a goal that requires an estimated $600 billion in investments by the end of the decade
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