What does energy transition mean? What are we transitioning to? How and when will we get there? In hindsight, the energy transition movement means different things to different entities. To operators, the primary focus is to transform their business (influenced by regulations and legislative policies) by reducing their carbon emissions while also investing in cleaner low-carbon energy sources, such as geothermal and hydrogen. For service companies, it is another potential revenue stream by offering products and services oil and gas operators, as well as renewable power generation companies. For governments, it is defined as an essential need for energy diversification to achieve sustainable, self-sufficient solutions that are less impacted by socio-economic or geo-political factors, i.e., energy security.
It is important to note that the ‘public’ understands what is driving this paradigm shift: technology, policy, and cultural change. The energy transition concept will be broken down as a current ‘buzzword’ and popular concept that is fettered by technology hype, political agendas, and/or financial influences that are attached to the term.
Finally, light will be shined on how the industry’s previous institutional mindset has changed to a broad, open-minded desire to create a net-positive outcome using Environmental, Social, and Governance techniques.
SPE Distinguished Lecturer: Bez Hoxha, Associate Consultant at Darcy Partners
