Climate Change – A Challenge for oil and gas Companies

Oil and gas companies are one of the
major emitters, if not the major emitter, of carbon in the world today.
With climate change now the greatest environmental challenge, it has become
imperative to reduce carbon emissions dramatically in the future.
Therefore, oil and gas companies are facing one of the biggest upheavals
they have ever experienced, with renewable energy gaining key importance in
their market strategies.

But what are the alternative sources of energy that are prevailing in
the oil and gas industry? Wind and solar photovoltaic are the sectors in
which these companies are investing most as these are comparatively more
matured in terms of commercial viability and technology. A significant
proportion of R&D investment is also being routed into emerging alternative
energy sectors such as hydrogen and biofuels.

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