Our climate change efforts are primarily focused on managing associated risks and expoliting potential opportunities
Today’s challenge is to manage and meet growing worldwide demand for energy while addressing climate change and other environmental and social issues. At Extonpetrol, we consider climate change not only in terms of direct CO2 emission reduction, but more broadly. Requirements are set for limiting CO2 emissions from fuels over their whole life cycle, as well as to define a playing field for carbon capture and storage. Extonpetrolp activities are affected by all of these legal elements, giving us direction in our climate change strategies.
Our Position on Climate
Extonpetrol considers climate change caused by the emission of greenhouse gases to be one of mankind’s major economic-social-environmental problems; an issue of utmost importance for sustainable development. And a core element of our business strategy is to embrace the energy transition and embed our response to climate change into the heart of our operations and processes.
- Climate policy measures should be predictable, transparent and internationally applied in order to avoid carbon leakage, ensure cost effectiveness in the global market.
- Multiple regulations of greenhouse gases should be avoided.
- Climate policy measures should be technology and fuel-neutral to maximize innovation through market competition.
- Public investment into research and development and market scaling support is needed to stimulate relevant new and emerging technologies.
Our Climate Roadmap - Low Carbon Research
We aim to be at the forefront of developments in the energy market by exploring new low carbon opportunities, to devote up to 25% of our research spending to new energy solutions and emission reduction efforts by 2020.
Extonpetrol has long been a pioneer in carbon capture and storage, currently the main technology for decarbonising fossil fuels.
We look for opportunities to create synergies between renewables and the oil and gas value chain. That is, converting gas to hydrogen.
We believe our offshore experience will be an important advantage in exploring geothermal opportunities.
Extonpetrol's new technology strategy intensifies the company’s research on CO2 reduction and digital solutions, and focuses on safety, high value creation and low carbon.