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Tariq Siddiqui's picture
COO, Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
  • 136 items added with 95,367 views
  • Jul 23, 2021

Since the inauguration, the administration has come out with an energy agenda strongly in favor of renewables, with a goal of carbon-free power generation by 2035 and a net-zero carbon economy by 2050. President Biden has placed a moratorium on drilling on federal lands, launched a review of leasing and permitting for energy development on public lands and waters, and directed federal agencies to eliminate fossil fuel subsidies when possible. 


  • The transition to carbon-neutral generation and a carbon-neutral economy will happen, but it will be driven less by policymakers and more by feasibility and profitability.
  • As technologies and strategies emerge that boost renewables and fill gaps in the market—from battery storage to carbon capture—the sector will follow those leads. 
  • For companies in the sector, these gaps will be driven by the desires of three core groups: investors, consumers and climate/ESG advocates. They are not mutually exclusive, but it does often put them in difficult situations. 


  • Despite the desire for a rapid crossover, replacing fossil fuels with renewables will be a massive undertaking to say the least.
  • Even as wind and solar outstrips fossil fuel sources in terms of added generation capacity, the gap is immense.
  • It will require adding or replacing over 200 billion kWh of renewable electricity production per year over the next 15 years. 
  • The challenges of this time horizon are nothing to discount. In Europe, it took 14 years to double the renewable capacity from 17% in 2005 to the 34% of generation accounted for in 2019.

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