Noticias

By: Paola Carvajal, Javier García, Carlos Sucre and Christiaan Gischler, IDB

The global hydrocarbon industry has been a long-time pillar of energy systems supplying in 2018 around 54% of global primary energy. This supply comes at a high cost in terms of carbon emissions as it accounted for 56% of the planet’s carbon dioxide emissions in that same year. This dichotomy – a pillar of energy supply but a key agent behind climate change – yields an essential challenge to the industry. Today, the political will is to promote actions that mitigate climate change, transition the energy sector to clean energy sources, and raise multifaceted questions about the role of hydrocarbons in promoting sustainable development. What is the future for oil and gas demand? How can governments and industry leverage existing assets and infrastructure to accelerate the low carbon transition beyond oil and gas? What are the options to diversify towards cleaner energy products?