This goal has been incorporated into the critical energy-related UN Sustainable Development Goals, which seek to widen access to clean, affordable energy.ĭespite the rapid expansion of renewable energy generation, the sheer scale of current energy sector emissions and the vital role of electrification mean that countries must urgently tackle their emissions from energy to meet these global climate goals. More globally, the Paris Agreement’s goal is to keep the increase in global average temperature to well below 2☌ above pre-industrial levels and, in doing so, to pursue efforts to limit the increase to 1.5☌. The US Department of Energy recently added “carbon management” to the name of its Office of Fossil Energy and Carbon Management and is expanding its funding for carbon capture and storage.
This strategic pivot was on display at the Glasgow Climate Summit and at a Congressional hearing in October 2021, where CEOs of four major oil companies talked about a “lower-carbon future.” That future, in their view, would be powered by the fuels they supply and technologies they could deploy to remove the planet-warming carbon dioxide their products emit with government support. This repositioning includes rebranding itself as a “carbon management industry.” ESG tracking will become more intrusive and exact so solutions must have real effect.Īfter decades of controversy concerning the realities of climate change and its causes, the fossil fuel industry is now shifting to a strategy of presenting itself as the source of solutions.Solutions must make business sense, but the business calculus must change.Solutions exist that produce marketable products.A combination of solutions are available and will be required.Regardless, manufacturers actively seek ways to improve their environmental, social, and governance (ESG) scores by reducing their holistic carbon footprint to attract/retain investors, customers, and employees.
Some solutions are millennia old, while others are barely more than experiments. The diversity of solutions available knows few bounds, though they can be described as fitting into one of three classes: natural, established, and emerging. What may surprise many is the diversity of methodologies and the maturity of many of them. As consumers, investors, and politicians clamor for change, capturing carbon from emissions or reclaiming it from the atmosphere has emerged as one of several climate change initiatives. The global culture and economy abound in pressures to address climate change and the cliché, “necessity is the mother of invention” proves itself true again.
Product and Service Lifecycle Management.
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