Petroleum Industry: An Enabler or Pariah of Net Zero?

Summary If Global warming is to be limited to a two degrees then the world must achieve net zero greenhouse gas emissions by 2050, however fossil fuel use in predicted to increase during this period. If the energy consumption and the net zero objectives are to be achieved by 2050, then at around 40 Gt CO2 per year needs to be captured and stored from annual fossil fuel use. In addition any atmospheric carbon exceeding the two degree limit must be removed by DAC/ BECCS technology and afforestation. This means that the total CCS requirement is ∼50 GT CO2 y-1 by 2050. It is clear that CCS is technically feasible now and in order to achieve both net zero and the requirements for more energy production, the CCS industry must be up and running at a large scale by 2050. Already electricity generation using CCGT-CCS is estimated to be of comparable cost to nuclear and renewables so its use will not adversely impact millennium goals. As only the Petroleum Industry has the skills to start up and maintain this huge CCS industry, it needs to grasp this opportunity and transform its image from climate pariah to global saviour.