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According to DNV's just-released 2021 Energy Transition Outlook, the world is not meeting Paris ambitions and a rapidly shrinking window of opportunity exists to close the gap. "Even if all electricity is'green' from this day forward, the world will still fall far short of achieving the 2050 net-zero or the'well-below 2 C' global warming ambitions of the COP21 Paris Agreement," said DNV in a press release announcing the release of the report. "Despite every effort being made," global emissions will reduce only 9% by 2030 and the planet will most likely reach global warming of 2.3 C by the end of this century, the firm said. Remi Eriksen, DNV's chief executive officer, said, "We've seen governments around the world take extraordinary steps to manage the effects of the pandemic and stimulate a recovery. However, I am deeply concerned about what it will take for governments to apply the resolution and urgency they have shown in the face of the pandemic to our climate. We must now see the same sense of urgency to avoid a climate catastrophe."
Fernando C. Hernandez is an experienced commercial and technology specialist in energy, and the principal at Hernandez Analytica. He has more than 15 years of industry experience. The First Minister of Scotland, Nicola Sturgeon, appointed Hernandez as a business ambassador (GlobalScot) for Scotland, in Americas’ Energy Sector. Hernandez collaborates with Scottish Development International on diverse energy projects and has two additional appointments: Technology Mentor for the Net Zero Technology Centre (UK), and Chairman at the Marine Technology Society (US). He is also a selected Forbes contributor. He provides industry contribution to the likes of Mexican Institute of Petroleum, Scottish Enterprise, American Petroleum Institute, US Coast Guard, US Bureau of Safety and Environmental Enforcement, and Pipeline Research Council International.
The Environmental Protection Agency (EPA) has underestimated methane emissions caused by oil and gas production by as much as 76%, according to research published on 29 June in the Journal of Geophysical Research: Atmospheres. Researchers from The Pennsylvania State University collected data in the mid-Atlantic, mid-South, and central Midwest of the US from 2017 to 2019, tracking the movement of carbon dioxide, methane, and ethane within weather systems. They then studied ethane-to-methane ratios from oil and gas production basins and compared to them an EPA inventory of those emissions. The assessment found emissions at levels between 48 and 76% higher than the EPA's estimates. The researchers said they specifically analyzed ethane because it is only produced alongside certain methane emissions, whereas methane can be produced naturally and by landfills.
Petroleum has been an internationally traded commodity since the late 1800s. In the early 1900s, Standard Oil Company of New Jersey held a near-monopoly on domestic oil supply and price. Specific judicial and legislative action by the United States government caused this monopoly to break up, and various large, integrated oil companies were formed, which participated in all petroleum industry segments from exploration to marketing. These major companies sought mineral development opportunities both domestically and abroad. At the same time, European oil companies also sought to capitalize on mineral development opportunities beyond their borders.
Recently, global climate change and air quality have become increasingly important environmental concerns. Consequently, there has been a rise in collaborative international efforts to reduce the concentration of greenhouse gases and criteria pollutants. Greenhouse gases include carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O), occurring naturally and as the result of human activity. In addition, criteria pollutants (1970 amendments to the Clean Air Act required EPA to set National Ambient Air Quality Standards for certain pollutants known to be hazardous to human health) include emissions of nitrogen oxide, sulfur dioxide, carbon monoxide, and total unburned hydrocarbons. International and national governments are implementing more regulations on air emissions.
The Biden administration called for new protections under the Endangered Species Act for an iconic bird of the Great Plains, a move with major consequences for the oil and gas industry. US Fish and Wildlife Service officials proposed listing as endangered a portion of the lesser prairie chicken's population living in Texas and New Mexico, whose range overlaps with the oil- and gas-rich Permian Basin. The agency stopped short of awarding the same protections to the birds' northern population, in Oklahoma and Kansas, on the grounds that their numbers had declined less drastically. The decision, one of nearly two dozen new conservation measures the administration has adopted in the past four months, underscores President Biden's push to unravel his predecessor's environmental policies. In a separate move, the Environmental Protection Agency abolished a rule restricting what sort of studies the agency can use in crafting public health rules.
Carbon credits, carbon taxes, and emissions trading systems are familiar terms in discussions about limiting global warming, the Paris Agreement, and net-zero emissions goals. A more recent addition to the glossary of climate policy is "carbon tariff." While the concept is not new, it recently surfaced in nascent policymaking in the EU. In 2019, European Commission President Ursula von der Leyen proposed a "carbon border adjustment mechanism (CBAM)" as part of a proposed green deal. In March, the European Parliament adopted a resolution on a World Trade Organization (WTO)-compatible CBAM.
The marine supply chain and linear manufacturing model has to become circular, adopting innovative upcycling solutions. Additive Manufacturing (AM) or Three Dimensional (3D) printing decentralized production, is suitable for repairing and remanufacturing industry components. Circular designs and reverse engineering can create a secondary market from reused, refurbished and shared services, materials and products. As users/consumers, shipowners should support new rules that implement the "right to repair", the concept of Extended Producer's Responsibility (EPR) and responsible innovation ethics. The maritime community has to urge manufacturers and makers (repairers) design shared services, with upcycled spares and circular products from secondary raw materials.