S2-EP 022 . Upscaling Production, Improving Efficiency, and Offsetting Emissions: Deciphering the Oil Majors’ Climate Strategies – A Conversation with Greg Trencher

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Since 2020, not only some national governments but also many large multinational companies have announced their climate pledges - reaching net zero emissions by 2050. Among them are some oil and natural gas giants, such as BP, Shell, Chevron and ExxonMobil, which are the majors in the industry and the top contributors of the carbon emissions across the corporate world.

• How do we understand the majors’ mid-term and long-term climate strategies?
• Shall the end-users of oil and gas products, like the global consumers of conventional vehicles, share the responsibilities of burning dirty fuels, emitting carbon dioxide and causing climate change?
• Among regulating corporations by setting up a phase-out timeline of old technology, nudging consumers to change behavior, and subsidizing the growth of a new low-carbon technology, which option shall policy makers choose?
• Why is it controversial for the majors from both Europe and the United States to invest in large amount of carbon offset projects?
• Can the majors bet on the promised development of new technologies, like carbon capture and storage and direct air capture, and go through the energy transition in the long run?

In this episode, Dr. Gregory Trencher from Kyoto University in Japan shares his research findings and viewpoints based on a new paper which he co-authors with the other two scholars.

Further Reading: Trencher, G., Blondeel, M. and Asuka, J. (2023). Do all roads lead to Paris? Comparing pathways to net-zero by BP, Shell, Chevron and ExxonMobil. Climatic Change, 176, 83.
Access: https://link.springer.com/epdf/10.1007/s10584-023-03564-7?sharing_token=dvNVaGLdv_KAz5FFMnfFT_e4RwlQNchNByi7wbcMAY5d47vWLe-7NUah2sJ8amtONIx_6DNbZS-Ux9jIdwHqHp9jVCB68RK-96qeHy5tgfMDOkuPU-crNlM7_tp0QVsATBol9VNvWuW1djitKquffaUTZ1mebJBYjj9x0ENJJx4=

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