Decarbonizing production of energy is a quick win

8 months ago admin

Debate around the pace and nature of decarbonization continues to dominate the global news agenda, from the European Scientific Advisory Board on Climate Change warning that the EU must double annual emissions cuts, to forecasts that it could cost more than $1 trillion to decarbonize the global shipping industry. Despite differing opinions on the right…

Mr. Mussabeh Al Kaabi: Hydrogen and CCS offer great promise, but, like any other transformative technology, they require R&D attention, investment, and scale-up opportunities.

Hydrogen is an abundant and portable fuel that could help reduce emissions from many sectors, including transport and power. Meanwhile, CCS could abate emissions from heavy, energy-intensive industries like steel and cement.

These technologies are proven, and we expect more improvements to allow wider consumer use. We will continue to develop and invest in them, while continuing to responsibly provide our traditional portfolio of low-carbon energy products that the world needs.

Q: Is there any evidence the costs can come down?

Mr. Mussabeh Al Kaabi: Yes, absolutely. The dramatic fall in the price of solar over recent years—an 89% reduction from 2010 to 2022 according to the International Renewable Energy Agency—just goes to show that clean technologies can become viable, mainstream sources of energy if the right policy and investment mechanisms are in place.

Q: Do you favor a particular decarbonization technology?

Mr. Mussabeh Al Kaabi: We don’t have the luxury of picking winners and losers. The scale of the challenge is too great. World economies consume the equivalent of around 250 million barrels of oil, gas, and coal every single day. We are going to need to invest in every viable clean energy and decarbonization technology. If CCS can do it, let’s do it. If renewables can do it, let’s invest in it.

That said, I am especially optimistic about the role artificial intelligence will play in our decarbonization drive. We’ve been implementing AI and machine learning tools across our value chain for many years; they’ve helped us eliminate around a million tonnes of CO2 emissions over the past two years. As AI technology grows at an exponential rate, we will continue to invest in the latest innovations to ensure we provide maximum energy with minimum emissions.