COP28 | New frontiers of Oil and Gas: Increased risks for the environment, climate, society and investors

The session will present a variety of environmental, climate, social and financial risks arising from opening new oil and gas frontier projects in ecologically sensitive areas. These areas include the Arctic region and the Brazilian Amazon.

Where: Panda Pavilion or online

When: December 1, 11:00 a.m. GST

As the oil industry seeks new areas for exploration, there is an augmented risk for the environment, for the climate, local communities and for the investors. Some of these new areas are in ecologically sensitive areas or in the areas defined by extreme or unstable environmental conditions such as strong currents, freezing temperatures, or thawing permafrost. These environmental challenges can significantly increase the cost and the risk of the operation, since it needs a specific production technique and technology to overcome these adversities. Additionally, these new areas commonly have unique biodiversity that can be threatened by the O&G industry, especially if there is an accidental oil spill, which can be very harmful to local inhabitants. Finally, investing in new projects of oil and gas is very risky, since we are in the middle of an energy transition towards renewable energy, and those can become stranded assets.

Moderator: 
Helena Spiritus, WWF Climate and Energy Programme

Speakers:

• Elena Tracy, WWF Global Arctic Programme
• Tord Lauvland Bjørnevik, WWF Norway
• Alexandre Prado, WWF Brazil
• Olivier Bois von Kursk, International Institute for Sustainable Development (IISD)