Identifying the risks of climate change that affect the operation of the oil and gas industry
Abstract
In the current context of climate change (CC), oil and gas will remain a major component of global energy for many years to come until the non-fossil energy sources become abundantly available and more economical alternatives. During this transition period, the oil and gas industry should be developed to manage their operations safely and reduce greenhouse gas emissions (GHG), waste and ecological impacts while powering with affordable quality.
This article identifies the key risks of climate change, analyses the impact of these risks on the development of the oil and gas industry, such as physical risks of climate change, legal risks, market and technological risks. The article also provides an overview of the impacts, illustrating some of the risks that companies have already faced and highlighting some of the ways in which the oil and gas companies can respond.
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