Transitioning to a low carbon economy has firmly entered the global public conscience, albeit with divergent views not only on how to achieve it but also who should pay for it and what timescale it should be achieved in. Advanced economies want the world to go from low to net zero carbon by 2050, while the burgeoning emerging economies think 2060 to 2070 might be more feasible.
Caught in the crosshairs are the energy companies, especially oil and gas producers, who are poster bearers of a hydrocarbon predicated global economic system they have been instrumental in fueling for decades. But 20 of the largest oil and gas companies have pledged to be achieve net zero by 2050, as well as eliminate routine gas flaring by 2030. Industry-wide, their peers are also making commitments of varying degrees, whether they are a skeptics or believers.
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