The Energy Transition is an enormous and complex process, and it will take
different pathways, dependent on geography and peoples’ access to basic
energy. We hear the debate around hydrogen, solar, and wind. Thirty years ago
the world was 84% dependent on fossil fuels, today it’s 84%, and by the end of
this century, it’s probably not going to be much different. Other forms of energy
are simply not enough. Gunvor has invested millions of dollars in technologies
in solar and wind, and we should do what we can, but for example, solutions like
green hydrogen are just too expensive and difficult to transport. We all know
that oil and gas is the base for global prosperity. There will be obviously a tradeoff
between the right for everybody to have affordable energy for economic
development, against the fact that we should reduce CO2 emissions. Fossil fuels
have a role to play in the latter and so the oil and gas industry must be invited
to the table. Every one of us is spending money to find good solutions and the
industry knows what is possible. A huge amount of global electricity comes from
burning coal. If you exchanged that coal for gas, you would halve emissions.
That’s better than any of the solutions we have today on a large-scale basis
and it’s also effective for the near-term atmosphere. The industry is developing
its own emissions reductions technologies, such as direct air capture of CO2
and avoiding flaring. Gas can be brought to the surface extremely cheaply, and
while it is costly to clean, it still provides an affordable energy. Oil and gas will
have a substantial role in the future energy mix.