Editorial comment
The energy transition has hit a number of hurdles in recent times. Geopolitical uncertainty, complexities within the supply chain, and higher inflation have combined to make the transition to a cleaner energy future more challenging. In its recent ‘Energy Transition in Oil and Gas’ report, GlobalData notes that heightened energy security fears have increased the focus on fossil fuels and led some companies to scale down their energy transition pursuit. Meanwhile, in its ‘Global Energy Perspective’ report, McKinsey & Co. states that the global energy transition is entering a “new phase”, which is marked by rising costs, complexity and technical challenges: “Growing energy demand and resulting emissions could affect the pace of the energy transition, which will require a rethink of both low-carbon and fossil fuel strategies to meet the goals outlined in the Paris Agreement.”
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McKinsey’s analysis demonstrates that the build-out of clean energy technologies has not been fast enough to meet growing energy demand worldwide. And although there are concerns that the pace of the energy transition will slow in the short-term as the world navigates choppy geopolitical waters, it’s very clear that change is both necessary and inevitable. In early September, Hydrocarbon Engineering, hosted its inaugural ‘World Energy Transition Conference’ − a virtual event dedicated to exploring innovative decarbonisation technology and solutions that are driving the transition to a low-carbon energy future. The conference featured a number of very interesting presentations from leading subject matter experts. In the opening keynote presentation, Jon Hansen, Head of Energy Scenario at Rystad Energy, outlined decarbonisation pathways for the downstream sector. He introduced a “toolbox” of opportunities for the sector to effectively reduce emissions. These include improving energy efficiency (optimising plants, minimising power consumption and implementing an energy sourcing strategy), carbon capture, utilisation and storage (CCUS), switching to alternative fuel sources, adopting clean hydrogen, and integrating renewable energy systems and pursuing electrification strategies.
During the conference, we also gained an insight into Wood Mackenzie’s outlook for oil demand growth, courtesy of Alan Gelder, Vice President of Refining, Chemicals and Oil Markets. Alan spoke of the value of petrochemical integration and explained why now is the time for refiners to plan to adapt in order to thrive during the energy transition.
If you missed Alan’s presentation, you can read more about his thoughts in a brand-new supplement to Hydrocarbon Engineering that we are launching next month. EnviroTech 2024 will include a range of interesting technical articles and case studies exploring innovative technology and solutions that will help your business thrive within the energy transition. In addition to Wood Mackenzie’s keynote piece, EnviroTech 2024 will include articles from leading experts on a range of topics including emissions reduction, energy efficiency, CCUS, SAF, electrification, blue hydrogen, renewable energy integration, and much more. If you would like to be a part of EnvrioTech 2024 or a future edition of this new supplement, please reach out to us via the contact information on the left of this page. And to ensure you don’t miss out on a free copy of this supplement sent directly to your inbox, scan this QR code and follow the simple on-screen instructions.
