Our renewed and heightened awareness of climate change issues, energy transition and net-zero targets has put a lot of pressure very quickly on our most established and dominant source of reliable, plentiful and affordable energy, oil & gas. As the sector faces new and unprecedented challenges related to the coronavirus pandemic and a geopolitical market war, attention is easily distracted from the longer term green agenda issue that oil & gas and the entire energy industry is facing.
For reasons originating in the green agenda, the oil & gas sector has fallen out of favour in many circles, yet it is the cornerstone in our modern world that demands more energy as we continue down an undeviating route towards technology adoption, electrification and urbanisation. In their 2019 International Energy Outlook, it was estimated by the EIA that between 2018 and 2050 there will be a nearly 50% increase in world energy usage, and this will be led by growth in Asia.
Alternative energy sources considered to be green and renewable are developing rapidly, but how realistic are the timelines to achieving energy transition and net-zero targets, and how environmentally friendly are these alternatives?
This mini-blog series seeks to point the way to a more balanced approach to energy transition. One that recognises the need to reduce harmful emissions, but also considers the environmental impact of renewables and how our traditional energy system, organisations and economy needs support and stability to adapt and ultimately help drive change that may take much longer than anyone expects.
The next topic in the series is “Energy transition has been taking place for centuries.”
To discuss any points raised in this blog, or throughout the series, you can contact Alasdair directly by email or on LinkedIn. His details can be found here.
To find out more about AAB's expertise and service offerings within the Energy sector, click here