Optus Energy LLC — Natural Gas is Advancing Energy Policy in Bold...

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Natural Gas is Advancing Energy Policy in Bold Ways

Recently, the United States and the European Union unveiled ambitious plans to cut greenhouse gas emissions and demonstrate their leadership in the worldwide fight against climate change. These plans include investments in carbon capture and storage technology as well as strict methane regulations. With these actions, Europe can lessen its reliance on coal and other dirty fuels and achieve its climate targets.

The least polluting fossil fuel, gas emits less carbon dioxide than coal. Recent technological advancements have also reduced the cost of developing unconventional natural gas resources. This fuel is a transitional fuel to the new energy economy of the twenty-first century. Additionally, given its potential to replace coal, the EU should give priority to building LNG ports.

By 2030, the EU has committed to reducing its domestic energy sector’s methane emissions, and it is collaborating with other nations to achieve this goal. Although the EU and its allies have made strides, more work remains. If the EU keeps importing Russian gas at its current rate, even the most ambitious ambitions might be put on hold. Additionally, the EU Commission has stated that it will not permit the import of gas from nations that do not track methane emissions.

Consumers, government officials, investors, and members of the environmental community have all put pressure on the oil and gas industry to improve. Operators are starting to understand how important it is to deliver energy assets sustainably in response to this strain. Not only is it the appropriate course of action, but it is also the only one.

Building energy efficiency has advanced significantly in California as well. By including a compliance pathway for all-electric low-rise structures, the energy commission has taken a significant step. The state is currently assessing additional building electrification initiatives, such as mandating all-electric construction for new structures. This policy does not outright exclude natural gas, but it will reduce the cost of electric heat pumps and ensure that new structures have wiring for future all-electric equipment.

China and India have also made announcements about their plans to alter energy demand. Global policies are required to make the transition to a low-carbon economy, and gas will probably be one of such policies. But without a strategy for switching to clean energy, the change won’t be complete.

Oil and gas corporations must take decisive action to tackle climate change in order to assure the success of the switch to renewable energy. An 80 percent decrease in emissions is a fair objective, even though the goal of net-zero emissions is still far off. The energy transfer requires the activation of each of the three sets of operations. The oil and gas sector has a special chance to steer this process.

Oil and gas businesses are adapting to the transition to a low-carbon economy by reevaluating their business models. In order to satisfy end-user demand and to assist upstream operations with fewer GHG emissions, they can invest in electrification infrastructure. The industry can stay competitive by doing this.