Paris Climate Deal Boosts Oil Industry Innovation

Paris Climate Deal:

Paris Climate Deal is an attempt to resolve the Climate change issue. This deal brings the use of fossil fuels to an end, cutting the emission of greenhouse gasses. After 20 years of fruitless meetings, nearly 200 countries have finally agreed on this deal and signed in affirmation in Paris. The primary aim of the Paris agreement is to limit the temperature climate change to “well below” 2 degrees Celsius, a level scientists label as a tipping point. Until now, the limit was 2 degrees. This is being seen as a step in ensuring the safe future of the planet.

Oil Industry Sees This As A Positive Step:

Oil Industry reckons this deal is a positive step as it makes room for new ideas and innovations. This might be the commencement of new era, according to them.

Over the past few years, the oil industry has questioned the importance and concept of climate change. They did not see it as a threat and encouraged the use of fossil fuels. Last year emissions-reduction agreement was signed by 195 countries; the fossil fuel industry saw this as a dead end. However, this time, it’s being welcomed as a chance for more pure research and cheaper, cleaner energy.

Many of the industrialists have expressed confidence in the scientists of this industry. The only problem with fossil fuel combustion is the emission of Carbon Dioxide. They are quite active that this hurdle can be overcome through a scientific technology, which will produce carbon dioxide-free, clean energy at comparatively lower prices.

Saudi Arabia’s Reaction:

Saudi Arabia is one of the greatest oil producers and is the leader of the Organization Of Petroleum Exporting Countries. The take of the Oil Minister of Saudi Arabia on this issue was no different. He claimed that his nation was acutely aware of the threats posed by climate change and that his country, along with many others, have devoted lots of time, money and energy to finding the solutions to the challenges thrown by climate change and the greenhouse effect.

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