The global energy mix is shifting from fossil fuels to renewables. There are abundant examples of both public and private organisations working hard to decarbonise the economy. As this energy transformation or “Green Deal” gains momentum, new ecosystems are forming and new technologies are emerging. These developments are helping to grow renewables, develop new energy carriers, improve energy efficiency, reduce emissions and create new markets for carbon and other by-products as part of an increasingly circular economy. At the same time many of these commonly pursued steps to decarbonisation, such as increased electrification, wide-scale use of renewable energy and intensifying energy efficiency measures pose unique challenges.
Many participants in the energy and resources (E&R) industry have publicly declared their intention to become carbon neutral by 2050. While their long-term vision is clear, the more perplexing challenge for E&R companies lies in the immediate future. Many companies are struggling to understand the material impacts that their stated goals are going to have on their valuations, operations, employees and markets over the next few years.
This report explores how companies in certain sectors of the E&R industry—chemicals, oil and gas, mining and metals, and power, utilities and renewables—can accelerate decarbonisation over the next decade and achieve meaningful interim targets by 2030.