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    Home > Chemicals Industry > International Chemical > U.S. oil and gas giants accelerate green transformation

    U.S. oil and gas giants accelerate green transformation

    • Last Update: 2021-08-06
    • Source: Internet
    • Author: User
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    Recently, the US government launched a plan to levy a carbon tax to solve the problem of greenhouse gas emissions
    .


    The carbon tax has intensified environmental pressure on the US oil and gas giants, forcing them to make more transformations


    According to data from Platts, if the US carbon tax is implemented in 2026, by 2030, the proportion of wind and solar power generation may increase from the current 11% to 30%, and the proportion of coal-fired power generation may increase from the current 21%.
    % Reduced to 5%
    .


    According to the US government, closing half of the coal-fired power plants will open the door to 122,000 megawatts of installed wind and solar power generation capacity, while reducing greenhouse gas emissions by about 600 million tons by 2025


    Under this circumstance, the executives of major US oil companies proposed to achieve low-carbon and environmentally friendly operations without sacrificing oil and natural gas production, that is, to vigorously promote environmental protection technologies
    .


    Energy consulting company Essence Huamai said that major US oil companies do not want to focus on cutting oil and gas production, but want to reduce greenhouse gas emissions


    However, due to intensified environmental pressures, the attitudes of American companies are also changing
    .


    During ExxonMobil’s 2021 Investor Day, Woodland outlined its energy transition strategy, including plans to cut production and increase cash flow


    In terms of carbon emission reduction, Woodland announced that the company plans to increase its investment in carbon capture and storage to 3% of the new expenditure.
    Although it is an improvement from the previous 1%, it is in line with major European companies Total and Shell.
    There is still a big gap compared to the double-digit percentage of the country
    .


    Wood London urges governments to establish carbon markets to ensure that everyone can use market forces to reduce carbon dioxide emissions at the lowest cost


    Occidental Petroleum’s Hollub said that fossil fuels should not be abandoned, but carbon emissions should be eliminated
    .


    He believes that the world needs zero-carbon oil, and without the help of the oil industry, the world cannot achieve the goals of the Paris Agreement.


    Regarding the strategic transformation of the US oil and gas giants, CFRA energy analyst Stuart Glickman said that large oil companies have actually been involved in a battle for survival
    .


    At present, investors in the petroleum industry also want to hear about companies' investment in renewable energy and low-carbon solutions in addition to the conventional content


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