The oil and natural gas industry is directly responsible for just 6 percent of global CO2 emissions, but the debate over how to reduce the global greenhouse gases (GHG) commonly associated with climate change focuses primarily on oil and natural gas companies. These companies are under constant regulatory and reputational pressure to reduce both upstream and downstream CO2 emissions, and in the coming years they will increasingly be expected to provide solutions and make investments. The reason for this emphasis on the industry is that when you add the CO2 emitted in the end uses (transportation, power and heat generation), the petroleum and gas sectors account for almost half of all global emissions.

It is important to understand the position of the oil and gas industry in the context of the larger debate over climate change. By exploring some of the options that the sector has for reducing GHG emissions, oil and natural gas companies can not only stay ahead of regulatory and economic developments but also potentially profit from them.