• Safe, reliable and compliant operations
  • Disciplined financial choices
  • Competitive project execution

Climate Change

One of today’s biggest challenges is the reality of climate change. As a natural resources company, we see our role in both meeting the growing worldwide demand for the resources needed, while also addressing the very real questions that arise from climate change and other environmental and social issues.

SP Group recognizes that the current trend of constantly increasing greenhouse gas emissions worldwide is not consistent with the goal of limiting the global average temperature rise to 2°C or lower. Our goal is to achieve sustainability, through shrewd management, the newest technology and intelligent investment.

We acknowledge the Intergovernmental Panel on Climate Change’s statement that warming of the climate system is unequivocal and irreversible. This is in large part due to an increase in greenhouse gas (GHG) emissions from human activities. They make clear that substantial and sustained reductions of GHG emissions are needed to limit warming to 2°C, the threshold recognized by governments as limiting the worst impacts of climate change.

Carbon dioxide (CO₂) emissions

The reasons behind climate change are manifold and unfortunately, the issue is also highly political, making definitive statements difficult. To sum up: carbon dioxide (CO₂) emissions from energy make up around two thirds of all global man-made global greenhouse gas emissions. This energy provides basic utilities in today’s world: heat, light, industrial power and transportation. Agriculture and changes in land usage, i.e. deforestation and clearing land for crops, account for around 25% of emissions.

Emissions to rise through continued fossil fuel use

The consensus among experts is that global CO₂ emissions from fossil fuels will rise by 20% by 2035 compared to 2014. This is due partly to the increased usage of coal as a source of energy in rapidly growing economies. The availability and price of coal make it an attractive source of energy. Around 60% of potential CO₂ emissions from known fossil fuel reserves are produced by the burning of coal, the most carbon-intensive fossil fuel. By comparison, natural gas, the least carbon-intensive fossil fuel, would account for around 15% of potential CO₂ emissions.

There is a variety of oil and gas resource users

About 60% of potential CO₂ emissions from known fossil fuel reserves are from coal, the most carbon-intensive fossil fuel. By comparison, gas would account for around 15% of potential CO₂ emissions and is the least carbon-intensive fossil fuel.

There is a variety of oil and gas resource users

Around 80-90% of CO₂ emissions from oil and gas products arise through the consumption of products, with the remainder generated during their extraction and development.