Fossil fuels will still dominate the global energy mix at 81.5% in 2023, according to the Energy Institute.
“This just shows how difficult it is to change the energy mix. It’s not because companies aren’t making efforts and progress isn’t being made. It’s because it takes time,” said Lorenzo Simonelli, Baker’s chairman and CEO. Hughes, a global energy technology company.
Speaking on stage during a CNBC-moderated panel discussion at the Adipec energy conference in Abu Dhabi, Simonelli said Baker Hughes could reduce emissions by 28.3% by implementing new technologies and efficiencies.
Takayuki Ueda, vice president director and CEO of INPEX, a Japanese oil company, stated the role of technology in the energy transition.
“What is important at this time is to reduce carbon dioxide from natural gas itself by using many technologies such as carbon capture and storage,” said Ueda.
Energy companies have been leaning on gas as a “reliable power supply” to meet demand, said Maví Zingoni, CEO of Power at GE Vernova, an energy equipment manufacturing and service company.
“But also, we must make sure that we do not give up on our journey, in the long term, in terms of decarbonizing the energy system as a whole,” Zingoni said.
Reaching this target will be “very complex” and “will take time,” said Olivier Le Peuch, CEO of SLB, the world’s largest offshore drilling company, stressing that the company must balance technology, energy sources and collaborate with other businesses to do so. become.
“Balance is the key word. We must maintain that balance, so that we can address security, affordability and sustainability at the same time,” said Le Peuch.
So where are we in the energy transition? Watch highlights of the panel, moderated by CNBC’s Dan Murphy, in the video above.
