Put It Underground: A Feasible Biden Plan For Fossil Energy Emissions – Except For The Cost

Put It Underground: A Feasible Biden Plan For Fossil Energy Emissions – Except For The Cost

Engraving from 1841 of wells drilled into water-bearing strata.



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The situation

Climate change afficionados want the oil and gas industry to shut down now. But the industry gurus say that's unrealistic - the world will need oil-and-gas for decades. Is there a middle ground?

Here's the reason for the fossil fuel debate: around two-thirds of all greenhouse gases (GHG) is CO2 produced by burning of fossil fuels. Flaring and leakage of methane, the second largest greenhouse gas, pushes this toward 70%. So the oil and gas industry sits right in the cross-hairs of climate change.

The big issue. How quickly can oil and gas companies lower emissions? Daniel Yergin, who knows a thing or two about the oil and gas industry, says it's an $87 trillion economy and will take decades to changeover. Electricity generation is changing from coal to natural gas, but changing from gas to renewables is another huge step. Electrifying vehicles and engines will have serious delays, especially for semi-trailers, aviation and shipping.



BP's Energy Outlook 2020 projects an aggressive changeover that will lead to 45% renewables, and 36% oil-and-gas by 2050. Less