Net Zero Industry Tracker 2024 Oil and Gas

OIL AND GAS Key performance data 2022518,519,520 5.1 Gt CO2e100%80% Scope 1 and 2 emissions Fossil fuels in the fuel mix (2019) Reduction in expected demand in NZE scenario by 2050, compared to 2023 3.3%87 kg CO2/boe $1. 1 trillion Emissions intensity decrease (2018-2022)Emissions intensity in 2022 Additional investment required for net zero by 2050 Performance summary –The industry has reduced emissions by 3% 2018 and 2022.521,522 This is mainly driven by reductions in methane and flaring emissions, increased electrification of operations and improved operational efficiency. –The absolute emissions for oil and gas were 5.45 Gt CO2e in 2021, which decreased to 5.1 Gt CO2e in 2022.523 –The production, transport and processing of oil and gas in 2022 resulted in just under 15% of global energy-related GHG emissions.524 –In 2022, global consumption reached 97 million barrels per day (mb/d) of oil and 4,150 billion cubic metres (bcm) of natural gas.525 Future emissions trajectory –As per the IEA NZE Scenario, the oil and gas industry aims to reduce emission intensity by 55% by 2030 and 91% by 2050.526 –The projected absolute CO2e emissions (Scope 1 and 2 emissions) for the sector are 2 Gt in 2030, 0.45 Gt in 2040 and 0.15 Gt in 2050.527 –The industry aims to reduce methane emissions by over 75% by 2030 and eliminate all non- emergency flaring worldwide by the same year, leading to a nearly 95% reduction in flared volumes, according to the IEA’s Net Zero Scenario.528 Net-Zero Industry Tracker: 2024 Edition 2