Shaping a path to a low-carbon future: an imperative and an opportunity

High on the energy transition agenda is the need to reduce the environmental impact and emissions associated with carbon intensive activities. Industry, electricity and heat production, and other energy sectors account for 56% of all global greenhouse gas emissions, according to the United States Environmental Protection Agency.

Society has recognised the need to decarbonise and national emissions targets, coupled with the ambitious net-zero commitments made by many within the energy industry, have set us on our course towards achieving a lower carbon future.

During the Trinidad and Tobago Energy Conference, I discussed how net zero ambitions are changing decision-making in capital markets and in our company with a panel of energy industry leaders and institutional investors. We agreed on the need for bold leadership within organisations to achieve these ambitious goals and have found that the best way to unlock innovation is through collaboration.

It is critical that we keep the focus on the global imperative of decarbonisation and set a course through detailed strategy development. Ultimately, organisations will need to take their stakeholders on the journey toward net zero to make it a successful transition.

In today’s energy climate, it is imperative that we take steps to drive reduction in carbon emissions while simultaneously improving the efficiency and reliability of production to maintain energy security. With Wood’s clients investing in and developing plans to transition to low carbon business models, we are partnering with them to help them meet their climate objectives.

Practical solutions that can make a difference now include integrating alternative energy supply, improving the energy efficiency of the actual assets and infrastructure, optimising operations and tackling fugitive emissions through asset integrity . Leveraging smart maintenance technologies, implementing digital innovations, and applying decades of decarbonisation expertise are all solutions we can implement now to make an immediate impact.

Decarbonisation is a complex process, but the journey starts with getting a baseline understanding of carbon performance and then developing a detailed roadmap that outlines the best solutions based on a balance of technical, commercial and practical drivers. We have the decarbonisation toolbox; the challenge is putting our toolbox into action!