Our views on climate change

Society currently faces, and will continue to face, two major global energy-related challenges. The first is to maintain and expand energy supplies to meet growing global demand. The second challenge is to address the societal and ecological risks posed by greenhouse gas (GHG) emissions.

Energy context
Global energy demand is projected to increase by about 35 percent from 2005 to 2030. Developing countries will account for most of this increase as their economies grow rapidly and their standard of living rises. Despite advances in alternative energy sources, hydrocarbons – oil, natural gas and coal – will continue to supply about 80 percent of the world's ongoing energy needs. Changing this basic energy picture will take time and require breakthrough energy technologies.

Our approach
Managing GHG emissions and meeting growing energy demand requires action by individuals, companies and governments. This will require an integrated set of solutions. For Imperial, this includes increasing efficiency, advancing research of alternative energy technologies, and supporting effective policies. Our efforts aim not only to reduce emissions from our operations, but also to reduce emissions by end users of energy.

Imperial believes that the most effective policies to control GHG emissions should:

• ensure that any cost of carbon is uniform and predictable across the economy
• let market prices drive the selection of solutions
• promote global participation
• minimize complexity to reduce administrative costs
• maximize transparency to companies and consumers
• adjust for future developments in climate change and the economic impacts of climate policies

These principles are intended to minimize overall costs to society and to allow markets, not regulators, to determine technologies that best meet consumer needs. We recognize that long-term policies must align with differing national priorities and with evolving knowledge if they are to be sustainable. Cost minimization is important because the scale of the challenge is enormous.

Addressing climate change requires action on a broad societal basis. This calls for more informed energy consumers. Imperial is committed to playing a supportive role. Through our speakers’ bureau, our participation in industry associations and our engagement of different stakeholder groups, we are working to foster a better understanding of energy and the environment.

Society currently faces, and will continue to face, two major global energy-related challenges. The first is to maintain and expand energy supplies to meet growing global demand. The second challenge is to address the societal and ecological risks posed by greenhouse gas (GHG) emissions.

Energy context
Global energy demand is projected to increase by about 35 percent from 2005 to 2030. Developing countries will account for most of this increase as their economies grow rapidly and their standard of living rises. Despite advances in alternative energy sources, hydrocarbons – oil, natural gas and coal – will continue to supply about 80 percent of the world's ongoing energy needs. Changing this basic energy picture will take time and require breakthrough energy technologies.

Our approach
Managing GHG emissions and meeting growing energy demand requires action by individuals, companies and governments. This will require an integrated set of solutions. For Imperial, this includes increasing efficiency, advancing research of alternative energy technologies, and supporting effective policies. Our efforts aim not only to reduce emissions from our operations, but also to reduce emissions by end users of energy.

Imperial believes that the most effective policies to control GHG emissions should:

• ensure that any cost of carbon is uniform and predictable across the economy
• let market prices drive the selection of solutions
• promote global participation
• minimize complexity to reduce administrative costs
• maximize transparency to companies and consumers
• adjust for future developments in climate change and the economic impacts of climate policies

These principles are intended to minimize overall costs to society and to allow markets, not regulators, to determine technologies that best meet consumer needs. We recognize that long-term policies must align with differing national priorities and with evolving knowledge if they are to be sustainable. Cost minimization is important because the scale of the challenge is enormous.

Addressing climate change requires action on a broad societal basis. This calls for more informed energy consumers. Imperial is committed to playing a supportive role. Through our speakers’ bureau, our participation in industry associations and our engagement of different stakeholder groups, we are working to foster a better understanding of energy and the environment.

Performance at a glance

In 2010, our direct GHG emissions from our operations were 10.7 million tonnes. This is an increase of about 0.2 million tonnes from 2009. Improved energy efficiency, fuel mix and flaring reduction in the downstream were offset by increased refinery throughput and increased production in the upstream.