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World needs to lower emissions from a lot of industries - Vicki Hollub

Oil&Gas Materials 17 January 2023 13:15 (UTC +04:00)
World needs to lower emissions from a lot of industries - Vicki Hollub
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Jan.17. The world needs to lower emissions from a lot of industries, Vicki Hollub President and Chief Executive Officer at Occidental Petroleum said during the discussions on Mastering New Energy Economics at the World Economic Forum in Davos, Switzerland, Trend reports.

“We have to understand that oil is the highest-intensity energy at the lowest cost. We have to address emissions. We have been making important strides toward lowering our methane emissions across the industry. It has been a concerted effort by a lot of companies and countries to make that happen,” she said.

Hollub pointed out that renewables are critically important and the reality is that it is a part of transition too.

“We need energy to provide our equipment to run. We’re starting to move to using renewable energy. Battery advancement is important to make that sustainable and to make that a consistent provision of energy. But we know that we not only need to lower emissions from our oil and gas operations, we need to lower emissions from a lot of industries. Oil and gas industry is always the industry that’s attacked. But the reality is that a lot of the products we use comes from oil and gas. So, simply building wind and solar is not all of the answer to the question and to the challenge. We believe that what we’re doing will help transition of our industry and that is to get very aggressive with carbon capture. If we cannot reduce the CO2 that is already in the atmosphere, we’ll have a lot of problems. Subsidies are very important for the development of new technologies,” she added.

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