This year's COP28 climate change conference in Dubai is a unique opportunity for the oil and gas industry to show that it is serious about tackling climate change.   At a time when the effects of climate change are increasingly being felt around the world, oil and gas producers must secure a new social license for their activities. The world needs to see meaningful changes in the operations of both international and national oil companies with clear and responsible strategies to rapidly reduce their emissions. Oil and gas companies that have so far announced plans to reduce emissions from their operations account for less than half of global production. And many of the promises that have been made are vague or not backed by clear strategies to achieve them, especially in the crucial period between now and 2030. More ambitious targets, concrete plans and strong accountability are needed to achieve significant reductions across the EU. oil and gas activities and others.  It's easy to talk about reducing emissions, but the good news is that there are actions that oil and gas producers can take.  Emissions from oil and gas extraction alone account for a significant portion of the global total. Extracting oil and gas from the ground, processing it and delivering it to consumers accounts for nearly 15 % of global energy-related emissions – more than all the emissions produced by the United States or twice the emissions of the entire European Union. Our latest news Emissions from oil and natural gas operations during net zero transitions shows how the oil and gas industry can reduce these emissions by 60 % between now and 2030. That would require upfront spending of about $600 billion — far less than the trillions of dollars the industry racked up last year due to record high energy prices. 

(Fatih Birol Executive Director of the International Energy Agency. )