• Is There A Role For Oil And Gas In The Journey To Net Zero?

  • Oct 12 2023
  • Length: 27 mins
  • Podcast
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Is There A Role For Oil And Gas In The Journey To Net Zero?

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  • As the world grapples with the urgent challenge of climate change, the energy industry is working to reduce greenhouse gas emissions while continuing to deliver the secure and affordable energy people need today. Is switching to renewables the answer, and do oil and gas have a role to play? Presented by Julia Streets. Featuring Dr Bassam Fattouh of the Oxford Institute for Energy Studies, Sian Lloyd-Rees of Mainstream Renewable Power and Shell’s Zoe Yujnovich. The Energy Podcast is a Fresh Air Production for Shell, produced by Annie Day and Sarah Moore, and edited by Molly Lynch and Sophie Curtis. TRANSCRIPT Shell The Energy PodcastSeason 4, Episode 4 00:00:00Julia Streets: Today on The Energy Podcast. 00:00:07Bassam Fattouh: If oil and gas is to remain part of the energy mix, the key issue then becomes how to reduce greenhouse gas emissions from hydrocarbon related activities. 00:00:16Sian Lloyd-Rees: If we want to achieve net- zero by 2050, we all need to adopt that 2050 mindset now, making the decisions today that are consistent with the future that we want. 00:00:26Zoe Yujnovich: The journey to net-zero must be achieved whilst at the same time providing a stable and reliable supply of energy. 00:00:34Julia Streets: The science is clear and the world is in a fight to avoid the most serious effects of climate change. Energy and the use of it is one of the biggest contributors to global greenhouse gas emissions. And this means that the oil and gas industry, which supplies much of that energy, is under pressure like never before. Many countries are working to achieve net- zero carbon emissions by 2050, while continuing to meet the demand for secure and affordable energy. The impact of the war on Ukraine on the global energy market has shown just how delicate the balance is to maintain. Some critics argue that only a drastic scale back from oil and gas will do, advocating for actions like an immediate end to the development of new oil and gas fields. Others believe that the global economy cannot be decarbonized without the constructive participation of the oil and gas industry. On one thing, there is broad agreement that business as usual is no longer an option. How can the world manage the balancing act of meeting demand while investing in the energy of the future? Does it need to go further and faster? Hello, I'm Julia Streets, and today on the Energy Podcast we ask; is there a role for oil and gas in the journey to net- zero? With me to discuss this are Dr. Bassam Fattouh, Director of the Oxford Institute for Energy Studies, Sian Lloyd- Rees, the UK Managing Director for Mainstream Renewable Power and Shell's Integrated Gas and Upstream Director, Zoe Yujnovich. So, Bassam, let me start with you. How does the world get its energy today? 00:02:10Bassam Fattouh: Based on the latest statistics for 2022, hydrocarbons, that means oil, gas and coal, accounted for the bulk of primary energy consumption. Oil accounted for more than 30% of primary energy consumption, followed by coal, which still account for more than 25%, and then the share of natural gas is not far away, standing at around 25%. The share of renewables in the form of solar and wind has been rising fast and accounted close to 10% of primary energy consumption, surpassing nuclear energy and hydroelectricity. But Julia, it's important to focus not only on the shares, but also the growth rates. For instance, if you take coal, the growth rate between 2012 and 2022 was close to zero, whereas renewables grew more than 12% per annum during the same period. So the energy mix actually can evolve faster than implied by historical standards, which is needed if we are to meet our climate targets. 00:03:12Julia Streets: So in support of the UN Paris Agreement's ambition to limit the global temperature increase to 1. 5 degrees centigrade, above pre- industrial levels, many countries have set net- zero targets and I'm curious to know what does ...
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