Making the net zero transition: is it a case of the beginning of the end of the fossil fuel era?

Adedokun, Racheal; Strachan, Peter

Abstract

Global climate change issues combined with the current geopolitical crisis arising from the Russian-Ukrainian war are putting pressure on more and more countries to accelerate the transition to sustainable energy systems to boost energy security, reduce CO2 emissions and reliance on imports. Oil and gas companies are at the heart of reducing emissions to achieve net zero. COP28 concluded with an emphasis on abating fossil fuels, and oil and gas companies face rising climate activism to scale up investment in clean energy. The IEA (2023) projects that, by the middle of this century, if 1.5oC is pursued by governments collectively and the energy sector emissions are targeted, oil and gas consumption might be reduced by up to 75%. Hence, the net zero strategies adopted by major oil and gas companies are crucial to transitioning to a green and sustainable future. This paper will seek to discuss and illuminate some directions oil and gas majors are tilting towards, identify the drivers, and consider the opportunities and risks, including possible courses of action. This will advance discussions on fossil fuel companies' decarbonisation strategies and policy choices.

Citation

ADEDOKUN, R. and STRACHAN, P. 2024. Making the net zero transition: is it a case of the beginning of the end of the fossil fuel era? Presented at the 8th NIBES (Network of International Business and Economics Schools) research workshop 2024: managing sustainable organizations under planetary boundaries, 9th April 2024, [virtual event]. Hosted on NIBES network [online], Available from: https://www.nibes.org/index.php/nibes-research/

• Presentation Conference Type: Lecture
• Conference Name: 8th NIBES ( Network of International Business and Economics Schools) research workshop 2024: managing sustainable organizations under planetary boundaries, 9th April 2024, Clermont-Ferrand, France.
• Conference Location: [virtual event]
• Start Date: Apr 9, 2024
• Deposit Date: Apr 15, 2024
• Keywords: Oil and gas strategies; Transition strategies; Policymakers; COP28
• Public URL: https://rgu-repository.worktribe.com/output/2303127
• Publisher URL: https://www.nibes.org/index.php/nibes-research/