How does oil affect climate change
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The Impact of Oil on Climate Change
Oil Industry's Contribution to Greenhouse Gas Emissions
The oil and gas industry has been a significant contributor to climate change, with two-thirds of global industrial greenhouse gas emissions over the past two centuries traced back to a handful of companies in this sector. The emissions generated by the products and processes of these companies have substantially increased the concentration of greenhouse gases in the atmosphere . This has been exacerbated by some oil and gas majors funding and promoting climate denial, which has hindered global climate policy for decades .
Life-Cycle Greenhouse Gas Emissions from Oil
The life-cycle greenhouse gas (LC-GHG) emissions from oil production, refining, and consumption vary significantly depending on the type of crude oil. For instance, heavy oil/bitumen (HOB) resources have median life-cycle emissions that are 1.5 times those of light-tight oil (LTO) resources, exceeding them by 200 kgCO2eq./bbl . Reducing these emissions presents a significant mitigation opportunity, potentially worth 10-50 gigatonnes CO2 eq. cumulatively by 2050 .
Climate Change Impacts on Oil and Gas Operations
Climate change is not only driven by the oil and gas industry but also affects its operations. Key climate change drivers such as changes in carbon dioxide levels, ocean acidity, air and water temperature, precipitation patterns, sea level rise, storm intensity, and wave regime can independently and cumulatively impact coastal and offshore oil and gas exploration, production, and transportation . These impacts have already been observed in regions like North America .
Vulnerability to Extreme Weather Events
The oil and gas sector is particularly vulnerable to extreme weather events, which are becoming more frequent due to climate change. These events pose challenges to the extraction, transportation, processing, and delivery of oil and gas, threatening the sector's supply security . The sector needs to assess its vulnerability and implement appropriate measures to mitigate these risks .
Adaptation and Mitigation Strategies
To address the impacts of climate change, the oil and gas industry is implementing various adaptation measures. These include strategies to cope with increasing temperatures, flooding, storm surges, sea level rise, coastal erosion, intense winds and waves, droughts, and other extreme weather events . However, many developing oil-producing countries lag in adopting these measures due to low capacity .
Policy Implications and Future Directions
The declining performance of the oil sector, characterized by the increasing energy intensity and emissions of future oil exploitation, could undermine global low-carbon aspirations . Policymakers need to address both oil supply and demand to reduce life-cycle greenhouse gas emissions effectively . Additionally, a comprehensive and systemic analysis framework for risk assessment is essential to ensure the safety of people, the environment, and investments in the oil and gas sector .
Conclusion
The oil and gas industry has played a major role in driving climate change through its significant greenhouse gas emissions and efforts to undermine climate science. At the same time, the industry is highly vulnerable to the impacts of climate change, necessitating robust adaptation and mitigation strategies. Policymakers must address both the supply and demand sides of the oil sector to achieve meaningful reductions in life-cycle greenhouse gas emissions and support global climate goals.
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