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Oil and gas is not the sunset industry you think it is
Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants.
The oil and gas sector is widely seen as a sunset industry.
Write-downs of around US$145 billion (S$193.7 billion) in asset values globally over the first three quarters in 2020 have added to that perspective.
Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity.
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Commentary: Oil and gas is not the sunset industry you think it is Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants.
FILE PHOTO: An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo
06 May 2021 11:45AM) Share this content
SINGAPORE: The oil and gas sector is widely seen as a sunset industry.
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A team of independent legal counsel issued a legal opinion (the Opinion) on 14 April on Directors’ Responsibilities and Climate Change under Singapore law, concluding that directors of corporations in Singapore are obliged to consider climate change risks as part of their duties to act in the best interests of the company. This LawFlash summarizes the key issues in the Opinion.
SINGAPORE LEGAL OPINION
As background, the Commonwealth Climate and Law Institute, a research, education, and outreach project focused on Commonwealth countries, has requested for the Opinion.
Singapore, as a small and relatively flat tropical island-state dependent on international trade, is not immune from the consequences of climate change such as rising sea levels and disruption to international trade.