Oil and Gas Sector Addressing Climate Change Through Innovation
Economic growth, American security, and environmental sustainability are areas being enhanced by the oil and natural gas industry. This industry has been a leader in energy development due to its engagement in modern technology, which has consequently led to more efficient exploration with minimal environmental impact.
Research and development in the industry has led to cleaner, safer gas development throughout Colorado. As such, the results are evident. By the end of 2017, a 33 percent drop in emissions from natural gas and oil was expected. Another illustration would be the 52 percent increase in natural gas production from 1990 to 2015. Despite this, methane emissions were able to drop over the same period by 16.3 percent. This decline can be attributed to investment in more efficient equipment, better leak detection measures and other innovations. It is also worth noting that since 2000, this sector has invested $15 billion on non-hydrocarbon technologies that include biofuels, solar, geothermal and wind technologies.
Moreover, partnerships in the oil and gas industry have seen influential professionals from various parts of the world come together to address key issues such as climate change and sustainability through innovation, policy and business solutions. Technologies such as artificial intelligence are being employed in the various activities to make more informed exploration decisions. Companies such as BP and ExxonMobil are notable enterprises that have engaged in research and development in Colorado for biofuels, energy efficiency, carbon capture and more. This has led to increased engagement in environmentally sustainable activities in the sector, while at the same time offering solutions and economic boosts to the state.