The Energy transition is accelerating visibly, in the shift from fossil fuels to sustainable sources of energy. With the largest economies including the U.S. and China committing to Net Zero targets by 2050 and 2060, oil & gas companies have begun to plan for the future.
Building on the belief that sustainable energy is the key for global transition to net zero emissions, this whitepaper looked at the enabling factors for transition at energy companies. We expect a renewal in the areas of strategy, business portfolio, and culture for innovation & agility:
1. Renew Strategy: Changing strategy to incorporate diversified energy mix and business models, create a transition plan that includes regular dialog with the markets and policy makers.
2. Renew Business Portfolio: The plan to restructure asset portfolio, management structure and product mix, adopt hyper-efficient operations, and seek new markets and ecosystems.
3. Renew Innovation and Agility: Adoption of new skills and new talent to address new policy, technology, and business model challenges. We expect the pace of change to accelerate, with potential for exponential adoption curves emerging.
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