Stopping new offshore drilling can deliver 40% global emissions

Stopping new offshore drilling, along with other ocean-based solutions, can deliver nearly 40% of the global emission reductions needed by 2050, an analysis by Washington-based ocean advocacy group Oceana shows.

The analysis released ahead of the 27th UN Climate Change Conference (COP27) in Egypt, has estimated that halting the expansion of offshore drilling, combined with the phasedown of existing production driven by reduced fossil fuel demand as clean energy comes online, would deliver up to 13% of the annual greenhouse gas emission reductions.

Currently, nearly 30% of all oil and gas production comes from offshore drilling, which generates greenhouse gas emissions throughout the entire process. Oceana found the halt would result in emissions reductions of 6.3bn metric tons a year by 2050, the equivalent of removing 1.4bn cars from the road.

Oceana suggested the logical place to start would be with the 10 producers that deliver around 64% of offshore oil and gas: Saudi Arabia, Norway, Qatar, Iran, Brazil, the United States, Mexico, the United Arab Emirates, the United Kingdom, and Angola.

In recent years, many governments have enacted policies preventing the expansion of offshore drilling, including Australia, Belize, Costa Rica, Denmark, France, Ireland, New Zealand, Spain, Sweden, and the US. Oceana has called on governments at COP27 to take action on fossil fuels by stopping new offshore drilling and moving toward clean, renewable energy sources like offshore wind.