National Oil Companies (NOCs) produce more than half of the world’s oil and gas, and control nearly 90% of proven reserves still in the ground. Owned and overseen by national governments,
As such, it is in both their commercial and national interest to minimize waste – particularly of methane, a potent greenhouse gas that is responsible for a quarter of the climate warming we’re experiencing today. Methane is the main ingredient in natural gas, and the global oil and gas industry leaks more than $34 billion of natural gas annually.
Not all oil and gas facilities, however, are created equal. Many of the solutions used to detect methane leaks today were designed for U.S. onshore infrastructure: a patchwork quilt of individual well pads owned and operated by thousands of different companies. However, in many of the largest producing countries oil and gas facilities can be the size of towns, in some cases over 20 miles wide.
So how can an NOC manage and mitigate their methane emissions most efficiently? The answer: by embracing digital methane innovation. Read more
We use tech in just about every aspect of our lives. It’s changed how we communicate, shop, travel, to how we get the food on our plate. It’s also changed how companies do business.
Technology like artificial intelligence (AI), sensors and blockchain are enabling companies to provide cutting-edge products and services for consumers – from virtual gyms to smart water dispensers – and increase operational efficiency as they do. But the bulk of companies are missing out on a big opportunity: using tech that’s already at hand to meet their sustainability goals and reduce climate-related risk.
Fueled by a surge in employee, customer and investor pressure to act on climate, and the near universal recognition of how a warming planet threatens the global economy, businesses are stepping up their climate commitments in a big way. This was especially true in September, when hundreds of companies announced their intentions at Climate Week, and in August when the Business Roundtable unveiled its new take on the purpose of a corporation: to “serve all its stakeholders” and “protect the environment by embracing sustainable practices across our businesses.”
At the behest of the American Petroleum Institute, the Environmental Protection Agency is proposing to eliminate nationwide limits on methane pollution, sending America’s natural gas industry backwards to the days of uncontrolled emissions. This dangerous proposal threatens the climate, the communities living near oil and gas development and the increasingly vulnerable status of American natural gas in a transition to a net-zero carbon emission economy.
Any business depends on four fundamentals to operate successfully: demand from customers, acceptance from society at large, financial capital to invest and talent to do the work. America’s natural gas industry is no different.
Eliminating methane standards would increase risk to each part of this foundation, making this proposed rollback a prime opportunity for risk-conscious executives and investors to speak out this fall. Read more
Corporate America is making important strides in addressing climate change. Almost 600 companies have joined the Science-Based Targets Initiative, nearly 200 have committed to use 100% renewable energy and companies are increasingly investing in technologies that improve environmental outcomes.
This week, business executives, tech entrepreneurs, and investors met in Aspen, Colorado at the Fortune Brainstorm Tech 2019 conference. This annual gathering brings movers and shakers together to discuss the latest tech trends and how businesses can find a competitive edge in a fast-paced marketplace. From retail to transportation to entertainment, technology advances are changing every industry, and knowing where the trends are heading can mean the difference between Netflix and Blockbuster. Read more
We eat a lot of chicken. I see this just from my own family’s consumption of barbecue chicken at our July 4th cookout last week; but consumption trends also show that demand for chicken is steadily increasing among Americans.
Eating chicken instead of other meats is perceived to be the more eco-friendly choice – as poultry has a smaller environmental footprint overall. However, poultry processing is actually very energy-intensive.
Earlier this month, more than 30 oil and gas CEOs and investors captured headlines by meeting with Pope Francis in the Vatican on climate change, then releasing a statement supporting carbon pricing. What is clear from this high-profile event is that the climate crisis has become a societal imperative, an investor priority, and a top tier business risk for the oil and gas industry.
Something you don’t hear every day: oil and gas methane regulations can reinforce innovation and leadership. Numerous new methods to reduce oil and gas methane emissions are being developed; and regulators, environmentalists, oil companies and innovators are working together to craft a new way for innovation to be recognized and rewarded.
I interviewed Drew Pomerantz of Schlumberger, the world’s largest provider of oilfield services, about what new methods and technologies are available to reduce oil and gas methane emissions, what their impact might be, and what is needed to realize that potential.
Over the past few weeks, companies like BP, Equinor, Exxon and Shell have publicly stated their support for direct federal regulation of methane. It is not every day that a company will ask for more rules rather than less. What’s one of the driving forces behind these public position reversals? Investors.
Investors have been an important pressure point in moving these companies to their new policy positions, and they continue to wield their influence to encourage more companies to join.