Since Oil & Gas UK's Energy Transition report was launched last December, companies and bodies from across the sector have united to take bold steps towards delivering a net-zero oil and gas basin.
However, while the industry’s collective drive to achieve the UK and Scottish Government’s net zero carbon targets should be celebrated, it is important to reflect and act on opportunities and potential challenges in order to deliver the energy transition and demonstrate leadership to support the delivery to a net-zero economy.
Looking forward into 2020 and beyond, the pace of change has never been faster. While this could present an obstacle for establishing and implementing long-term strategies, industry leaders across all sectors are taking this as an opportunity to work together. New ways of working are being trialled and new technologies are being developed from all sectors including oil and gas, utilities, automotive, industrial products and big tech.
The world is watching closely as the climate crisis pushes companies to search for new ideas for their businesses as well as transforming their current operations. There is unprecedented demand for the creation of new ecosystems that enable superior collaboration with combined skillsets, for break through thinking and faster time to market.
This constantly evolving picture provides an opportunity to pursue innovative solutions that can be applied across the energy industry. One such example is the new Energy-as-a-Service business model which shifts from asset-focussed, centralised power generation to a clean, connected and sustainable energy platform. While we are still in the early days of transition, the connectivity afforded by digital technologies could see this become a reality in future decades.
As the UK energy landscape continues to adapt and respond to society’s demands, purposeful leadership has become the essential ingredient for driving change. This is well-recognised by the energy industry and leaders within the sector are uniquely placed to create, implement and enforce bold ideas.
Reflecting on all of this, the commitment from the wider industry has never been more apparent. From cross-sector investment into policy initiatives such as carbon capture, use and storage and research into the opportunities afforded by the development of a hydrogen market design, the expert workforce and dynamic infrastructure of the oil and gas industry is uniquely placed to overcome the many challenges posed by this unparalleled pace of change and pioneer the projects that will help the UK move towards a net-zero economy.
Read Oil & Gas UK's latest Energy Transition report here.