PetroFed signs MoU with TERI to undertake a study on Climate Change Risks

Posted on:15 Oct 2016 09:31:21
PetroFed signs MoU with TERI to undertake a study on Climate Change Risks
15 October 2016 Current Affairs: PetroFed, an apex society of entities in the Hydrocarbon sector, signed a Memorandum of Understanding (MoU) with TERI to undertake study on Climate Change Risks. Preparedness for Oil and Gas Sector.

Cop21-The 2015 United Nations Climate Change Conference, COP 21 or CMP 11 was held in Paris, France, from 30 November to 12 December 2015. It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties to the 1997 Kyoto Protocol.

The agreement will enter into force when joined by at least 55 countries which together represent at least 55 percent of global greenhouse emissions. On 22 April 2016 (Earth Day), 174 countries signed the agreement in New York, and began adopting it within their own legal systems.

The study will suggest suitable measures for the Oil & Gas sector to achieve Indias INDC target of reducing emission intensity of GDP by 33.35 per cent below the levels in 2005 by 2030.

The share of gas in the Indian energy basket is 6.5 to 7 per cent while the world average is 24 per cent. India aspires to take the share of gas to 15 per cent in the next 3 to 5 years so as to have a new gas based economy.

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