As ‘energy transition’ enters the mainstream lexicon, a new narrative is emerging. The presumption that there is an urgent need to achieve full decarbonization via the elimination of fossil fuels is being tempered by calls to capitalize on the opportunities afforded by technology to reduce and even eliminate the greenhouse gas (GHG) footprint of existing energy sources.
This workshop produced the following key insights:
- The energy transition is not a zero-sum game. It is an ongoing process that requires all actors in the energy value chain to confront the risks of ignoring the driving forces of transition.
- The GHG footprint of some hydrocarbons is being reduced through the use of renewables in the production process as well as carbon capture, use and storage for enhanced oil recovery at the wellhead.
- Although the industry will incur costs adapting to changing demand patterns, it could well benefit from the growth in demand for petrochemicals and the opportunities of process integration of refineries and petrochemical plants.
- Emissions reduction policy is a key pillar of trust between politicians and citizens, and between corporations and consumers.