Co-Author: Deepak Gupta, Chief Digital Officer & Head of Sustainability, Energy & Resources, TCS
Sustainability drives the transition for Oil & Gas firms
Energy transition is accelerating, and the first thread is visible in the shift from fossil fuels to sustainable sources of energy.
Europe has led the global sustainability agenda by adopting the Paris Agreement in December 2015 and with the announcement of the European Green Deal in December 2019. The movement is gathering global momentum, with China, the largest emitter of greenhouse gases, committing to net zero emissions by 2060. Major economies such as the US, Japan, South Korea, and Canada have announced net-zero targets for 2050.
The COVID-19 pandemic initially caused a drop in renewable installations due to supply-chain disruptions and global economic uncertainty. It also created the need for stimulus, and investment in carbon footprint reduction is seen as a great tool for economic recovery by many governments.
Building on the belief that sustainable energy is the key to transitioning to net zero emissions, we look at the key attributes for oil and gas companies in the process.