The Carbon Reduction Instruments & Tools focus area is exploring the company policies and process that can help manage emissions and improve operating and product efficiency.
While a common practice of oil and gas companies has been to adopt an internal price on carbon applied as a project screening value, a range of other, often complimentary, direct and indirect policies, programs and incentives can work to achieve similar outcomes. These include:
Standards and procedures
Benchmarking
Emission trading systems and taxation
Emission reduction and energy efficiency targets
Various forms of capital and technology funds
Internal award and compensation schemes
Carbon offsets and credits
Through workshops and exchanges of information, initiative members are exploring best practices, limitations and opportunities associated with these various methods. Going forward, members will examine other opportunities to work collaboratively to identify new and unique instruments – with the aim of growing and improving the toolkit available to companies to improve emissions management and energy efficiency.
Initiative members currently engaged on this focus area include BG Group, BP, ENI, Repsol, Shell, and Total.
Standards and procedures
Benchmarking
Emission trading systems and taxation
Emission reduction and energy efficiency targets
Various forms of capital and technology funds
Internal award and compensation schemes
Carbon offsets and credits
Through workshops and exchanges of information, initiative members are exploring best practices, limitations and opportunities associated with these various methods. Going forward, members will examine other opportunities to work collaboratively to identify new and unique instruments – with the aim of growing and improving the toolkit available to companies to improve emissions management and energy efficiency.
Initiative members currently engaged on this focus area include BG Group, BP, ENI, Repsol, Shell, and Total.
