Sustainability is an increasingly important concept. It’s making waves in government, manufacturing, and now it’s come to the world of energy. Sweden’s Lundin Petroleum recently announced a potential name change. If shareholders approve the move in March, the company will be known as Lundin Energy going forward. They’ve also announced that they plan to be carbon neutral by the year 2030. This company has implemented measures designed to cut emissions, create carbon capture devices, and improve energy efficiency overall.
This change is indicative of evolution throughout the energy industry. Companies like Lundin Petroleum made their fortunes thanks mostly to fossil fuels. However, as governments and populations become more aware of the role of carbon in climate change, there are plenty of incentives to evolve. For one thing, executives in the energy industry know that self-regulation may well prevent government interference. Secondly, they know that if carbon emissions are truly responsible for climate change, it behooves them to develop other, more carbon-neutral technologies. In addition to Lundin Petroleum, companies like Repsol, Shell, BP, and Total have announced plans to limit carbon emissions.
In recent months, companies like BP have also announced new recycling initiatives. They’ve created a consortium with industrial giants like Unilever, Danone, and Alpla Group. BP Infinia is a new technology with great promise to recycle plastics that have been hard to process in prior years. In addition to handling plastic bottles and other containers, the goal is to find new ways to recycle fabrics like polyester. PET plastics are another form of petroleum product that the consortium is hoping to recycle. In focusing on closing the loop, these oil companies are bringing things full-circle. They’re taking steps to close the gaps between extraction of crude to reuse of their key final products.
It’s clear that the oil and gas industry knows that the future will depend on their ability to change. These measures have the potential to improve the companies’ image with the general public. More importantly, it’s hoped that they will also make a big difference when it comes to carbon emissions. The longer that climate change remains a hot-button issue, the more consumers and shareholders, can expect to see the types of changes being instituted by Lundin Petroleum in Sweden.