The development of international carbon market and the influences on the oil and gas industry
The international carbon market has developed rapidly since its inception in 1997,and by the end of 2023,36 carbon markets of different levels have been established worldwide,covering 9.9 billion tons of carbon dioxide equivalent,accounting for more than 18%of global greenhouse gas emissions.Carbon markets are playing an increasingly important role in controlling global greenhouse gas emissions and have become one of the world's main policy tools for addressing climate change.As the carbon market gradually expands to major oil and gas resource countries and its coverage continues to expand,the oil and gas industry will face greater pressure to reduce emissions and increase costs,and the global oil and gas investment and trade landscape will also be reshaped.In the future,the oil and gas industry should continue to participate deeply in global climate governance,actively take actions to address climate change,shape a new image of the industry as a green and low-carbon industry,and maintain the competitiveness of the industry,while at the same time strengthening cooperation in low-carbon technology,and promoting the development and improvement of industry emission reduction standards and methodologies.Oil and gas companies need to accelerate the low-carbon transformation,strive to achieve deep decarbonization of the industrial chain and products,and pay close attention to changes in global carbon pricing policies,integrate carbon costs into project investment decisions,and strengthen risk management of carbon assets and carbon prices.