The industry’s ambition is to achieve net zero emissions by 2050.
Overview
In October 2021, the MCA confirmed the industry’s ambition to achieve net zero emissions by 2050, in support of the goals of the Paris Agreement.
This ambition can only be achieved through significant investment in technology. Member companies are proactively adopting or considering a range of existing and emerging technologies.
In 2021, members identified the following categories of actions to reduce emissions at scale:
- Energy efficiency initiatives
- Replacing current energy sources with renewable energy
- Carbon capture and storage
- Additional flaring and gas capture equipment
- Flaring of underground emissions
- Ventilated air methane (VAM)
- Abatement (subject to safety considerations)
- Electrification
- Funding medium-longer term negative emissions technologies
Member Climate Announcements
The MCA Climate Action Plan details how the industry is taking action co to meet the goals of the Paris Agreement. Listed below are is a snapshot of member company announcements with respect to climate change and reducing emissions: