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The oil and gas sector may become the locomotive of the “zero” trend

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24 June 2022

Climate change is no longer a problem for the future - it is a problem "now", said Dmitry Shlapachenko, UN Resident Coordinator in Turkmenistan, at the OGT 2022 meeting on innovative technologies and know-how in the field of hydrocarbon production and emission reduction.
“Countries must develop policies to meet their new commitments and begin implementing them immediately. Then they must achieve zero greenhouse gas emissions, ensuring that this is a long-term commitment and action moves forward.” - Shlapachenko said.
He recalled that Turkmenistan proposed to establish a Regional Center for Climate Technology in Central Asia to promote cooperation in the field of mitigation and reduction of emissions.
Methane is a powerful greenhouse gas that traps 80 times more heat than carbon dioxide during its 10-12 year stay in the atmosphere. Because of this high warming potential and short lifetime, reducing methane emissions is one of the most effective ways to limit short-term warming.
Oil and gas activities are one of the largest sources of methane emissions and also have the largest potential for net zero emission reductions. Therefore, the oil and gas sector is an important starting point.
– It is estimated that methane emissions in Turkmenistan could be reduced by almost 75%, and more than half could be reduced at no net cost, - Shlapachenko said.
– We know that the government of Turkmenistan takes its emissions reduction commitments seriously, including its commitments in Glasgow,- said the UN Resident Coordinator. - Support is also being provided to help Turkmenistan take advantage of the opportunities associated with methane.
To help countries understand and solve the problem of methane emissions, the United Nations Environment Program (UNEP) established the International Methane Emissions Observatory (IMEO), whose representative also took part in the Ashgabat forum.
The oil and gas industry has been at the forefront of developing alternative energy and investing in reducing its carbon footprint.
At the same time, natural gas and oil will remain the backbone of the global economy for a long time to come. The BloombergNEF research group estimates that oil demand will peak in 2035 and decline by 0.7% per year over the next 15 years until it returns to 2018 levels in 2050. Gas consumption will increase by 0. 5% per year until 2050