Leadership Roundtables

Ensuring European energy security: opportunities and challenges

Recent events have created the short-term priority for energy policy in much of the developed world to evolve from policy measures that enable affordability to drive energy security. Europe’s position is particularly fragile due to this year’s geopolitical events.

European leaders are tasked with rapidly identifying new energy trading routes to ensure energy supply can meet energy demand. This will require new partnerships and strategic alliances to enable a secure, stable and affordable energy future. The Middle East, strategically located between the East and the West, is well-positioned to address the energy needs of multiple European markets. It can also act as the gateway to Asia and Africa, establishing new energy partnerships that can facilitate energy transition around the world.

Tackling the methane challenge: UNEP’s Oil and Gas Methane Partnership 2.0 and Aiming for Zero Methane Emissions Initiative

According to the latest IPCC Assessment Report, we need to reduce methane emissions by about one-third by 2030 to stay on track to reach the Paris Agreement goal of limiting climate warming to 1.5°C. The oil and gas industry is one of the largest human-made methane emission sources. However, technologies are available today to rapidly reduce methane emissions in the short-term at a low net cost. The IEA, in its Net Zero by 2050 Roadmap, requires a 75% reduction in oil and gas methane emissions by 2030.

The Oil and Gas Methane Partnership 2.0 (OGMP 2.0), managed by UNEP’s International Methane Emissions Observatory (IMEO), aims to support companies to realise and credibly report on deep reductions of methane emissions. OGMP 2.0 is a measurement-based reporting framework covering all material sources of methane emissions from both operated and non-operated assets across all segments of the value chain. Today, more than 80 oil and gas companies have joined the initiative, representing over 30% of global oil and gas production.

The role of oil and gas in a new energy world: energy security, climate response, industry innovation and future supply perspectives

The energy industry - especially oil and gas - influences and shapes economies at global, regional, national and local levels. This is not just true of facilitating energy supply to meet energy demand but also through business development, climate impact, employment growth, investment influence and more.

The circular business opportunity: living up to promises and targets

Circular economy is becoming a key component of the strategy of virtually all companies across industries. The energy industry is no exception, with an array of initiatives undertaken both on the feedstock/input side and in recycling.

New value pools and opportunities are emerging along the value chain – companies will need to adopt new business models and develop new partnerships to succeed in the new ecosystems that are taking shape, and that are still up for grab.

The clean hydrogen opportunity

With the global climate change debate amplifying the call to limit global warming to 1.5 degrees Celsius, clean hydrogen has emerged as a solution for hard-to-decarbonise industries such as heavy transport and manufacturing.

McKinsey analysis shows that the hydrogen share of global energy demand could reach 22% by 2050, abating some 20% of global emissions. This is an opportunity not only for companies transitioning to clean energy production but also for hydrocarbon-rich countries with access to abundant renewable energy, highly developed infrastructure, and the geographic location to develop and export clean hydrogen.

Cross-sector partnerships for a rapid transition to clean global transportation

Calls for clean transportation fuels are mounting amid growing demand for the services that move people and goods around the globe. Decisive action by energy producers is needed to bring clean, zero-carbon fuels to market - but they cannot act alone. New energy systems require coordination to bring to scale and deliver value to all participants.

Our existing hydrocarbon value chains developed slowly over a century, with multiple participants in different geographies innovating to drive commoditisation and integration. New energy systems require collaboration across the value chain to accelerate this process from production through transport to distribution and use.

New business models of NOCs and IOCs: driving a low carbon world

Since 2020, both national oil companies (NOCs) and international oil companies (IOCs) have worked to clarify the role they wish to play during and after the energy transition. Decarbonisation will reshape the global economy, opening new markets and imperiling others, forcing both NOCs and IOCs to make asset portfolio choices and evolve their understanding of a business model capable of generating value for stakeholders.

Digital technologies and capabilities: facilitating transformation success

The need to transform both business and operating models will undoubtably benefit from placing digital technologies and capabilities at the core of business operations as a critical enabler of strategic change.

The energy industry has indeed worked hard over many years at enhancing digital technologies and capabilities across business operations. However, the digital agenda will need to shift from digitisation of business processes to the digitalisation of a business, allowing businesses to connect people, organisations and resources in an interactive ecosystem through digital technology.