Those of us who work in the oil and gas business unsurprisingly have a keen interest in the energy transition. Whilst this shift from fossil-based systems of energy production and consumption — including oil, natural gas, and coal – to renewable energy sources like wind and solar, is critical to our urgent need to reduce carbon emissions, it is often oversimplified. This is particularly the case in the way it is portrayed to the public.
Energy transition without energy security is problematic at best and dangerous at worst and the challenges and dilemmas associated with this are legion. On the one hand it is crucial we reduce emissions to try and stay under the 1.5 degrees Celsius temperature rise, seen as the tipping point for catastrophic climate change, and on the other we need to ensure a fair distribution of global energy – particularly to the developing world.
The International Energy Agency (IEA) forecasts the world’s total renewable-based power capacity to increase 50% between 2019 and 2024. In response to this shift, utilities have begun a rapid energy transition away from coal (the densest CO2 emitter) and likely to accelerate following commitments made at COP 26 at the end of this year.
Pressure continues to mount on power generators to retire existing assets that depend on coal supplies and build out other forms of power generation. Many major oil companies are accelerating their programmes to diversify into renewable and low carbon energy in response to shareholder pressure and growing concerns over climate change whilst others, particularly some of the large NOCs, take a more pragmatic approach.
This is all positive, but even in a developed, energy rich country such as the United Kingdom where the islands are blessed with a windy environment, coal power stations are recommissioned for calm periods in the winter when the turbines are still. How, therefore do we ensure energy security without resorting to dense forms of energy such as hydrocarbons?
As the energy transition continues to evolve and expand, GEO ExPro launches it’s Energy Transition homepage where we will present articles and insight into this complex issue which surely is the major challenge facing us all in the 21st century. We intend to shed light on innovation and supply in the energy sector and especially on how knowledge and skill transfer occurs across the fields of geoscience and engineering. This may be a new frontier, but we already have many of the critical skills and experience available in the oil and gas industry waiting to be transferred!
How do I access the new energy transition homepage?
Either by clicking here/copying this link into your browser: https://www.geoexpro.com/energytransition
Or, from the main geoexpro.com homepage, you can switch on the Energy Transition Homepage by clicking on the green button in the top right corner of the page. You can swap back to the main homepage using the blue ‘Upstream’ button in the top right of the ET page.
