The world continues to process the major events and policies impacting the global economy. From COVID-19, through to energy security concerns, coupled with the world’s various commitments towards energy security and supply. This divided landscape will create new energy trading routes and market commodity cycles. This rupture in the global energy system has resulted in short-term priorities and recalibrated energy policies across much of the developed world, mainly driven by an urgent need to address energy security.
The pursuit of ambitious net-zero targets by 2050 will require nations to relentlessly focus on delivering their COP26 pledges and strategies, balancing environmental controls with legitimate aspirations for economic growth. COP26 in Glasgow highlighted the scale of the commitment, investment and technology needed globally to tackle the effects of climate change. This ambition must now accommodate the fundamental challenges of recent months to the existing energy system, and COP27 in Egypt and COP28 in the UAE will set the agenda on how to accelerate the journey to a low-carbon future.
The road to net-zero is dynamic, complex and without any precedent. In addition, the macroeconomic trends impacting the global energy system and concerted efforts across the industry towards net-zero will impact all stakeholders. Despite the lack of industry templates, companies have modified their strategies to adopt more responsible production processes and have invested in technologies that can help reduce methane and greenhouse gas (GHG) emissions.
This is reflected in company portfolios evolving to embrace new energy solutions, such as hydrogen, biofuels, geothermal, wind, solar and low carbon gas. These evolving portfolios will continue to drive the choice of most appropriate energy business models for companies, supporting them in meeting demand with more affordable energy whilst reducing carbon emissions.
Finding the right technology to unlock the growth opportunities arising out of the energy transition has emerged as one of the most critical tasks facing the energy industry. As the race to net-zero continues to create new value pools, companies must reinvent and embrace an innovation agenda capable of delivering technology breakthroughs to lead that journey.
The energy industry will therefore require the right combination of leader-driven technology, policy, investment, and human capital to address the structural shifts, challenges and disruptions affecting the sector and achieve a true transformation.
This is a moment in time when leadership will be required to manage through the new realities of a changed global energy landscape. Changes from new business models all the way through to new cyber threats highlight how the nature of work in the industry is changing, and how work will be organised, structured and done in new ways. With these changes come new demands for the talent pool of the future, challenging the industry to put adequate transitions in place today for this to happen.
The mentoring process aims to provide support and guidance to professionals as they progress through their careers. In addition to benefits for both mentees and mentors, organisations with mentor programmes can expect to benefit through improved retention, increased productivity and a stronger organisational culture.
Gender diversity from leadership levels through to entry-level roles is a success key to an organisation’s overall performance. To support women’s presence and success in their organisation, employers must ensure access to health benefits, well-being resources and support, and flexibility that supports equitable expectations for career success as well as work-life balance.
Progress towards gender diversity in leadership roles across the energy industry has been made in recent years. However, barriers to progress and organisational inequalities remain. Closing the gender gap at leadership levels will require a continual and all-around commitment from both men and women leaders to gain long-term organisational success.