One hundred years ago, everyone owned a horse, and only the rich had cars. Today, everyone has cars and only the rich own horses.
The above shift towards modern transportation trends has played a significant role in shaping our society. However, we must renew our focus on sustainability to achieve a cleaner future.
Our Oil & Gas Chiefs must leverage their knowledge, experience, and resources to address the dual challenge of promoting sustainable progress while reducing harmful emissions. This requires a commitment to pursuing cleaner and more sustainable practices in our lives.
Unfortunately, to ‘clean something’ in this example, our planet will require that ‘something else gets dirty’, which means certain materials or processes that are polluting, must be used to arrive at ‘Clean’.
Over the past few weeks, numerous energy summits have occurred, including the highly anticipated CERAWeek 2023. During this event, our commodity leaders and their esteemed colleagues took to the stage to reflect on the challenges they faced in 2022 and reaffirm their commitment to investing in cleaner, more sustainable solutions. Despite the ongoing uncertainties of the current year, it was abundantly clear that the drive toward sustainable energy remains a top priority for our industry.
Although regrettably, specific segments of the media may focus on our ‘profits’ over ‘sustainability’ during this energy crisis, many of us within the industry recognize that the urgent need for a pivot towards cleaner energy solutions is a topic that needs further attention. This message must be amplified through social media channels to increase awareness and drive positive action.
In today’s market, we face a complex array of political constraints that pose significant challenges, including restrictions on purchasing from specific sources and limitations on shipping routes. In this environment, our Oil & Gas traders must remain focused on meeting market demands while promoting sustainability. Successfully navigating these challenges is an actual test of experience, and it’s essential to credit those organizations that can do so effectively.
Although our traders primarily focus on generating solid profits, it’s essential to acknowledge their significant investments in low-carbon strategies. Unfortunately, these investments often need to receive the same level of attention as their PnLs, despite this area of focus is critical for transitioning to a new energy operating model. Many of these strategies have yet to be proven or approved by governments, underscoring the need for greater visibility and political support is vital more than ever.
Industry leaders’ significant turnout and participation at CERAWeek 2023 made it abundantly clear that the Oil & Gas Industry is fully committed to leading us into the next century. However, it’s also evident that we are only at the doorstep of change, and while CEOS and Executive Committees have made significant investments in, and operating models reinforced, success in the race to decarbonize is not about being perfect but about being persistent.
Maybe in the future, someone will say:-
‘100 year ago, everyone owned a Gasoline Car, and only the rich had Electric ones.
Today, everyone has an Electric Car, and only the rich own Gasoline Cars.