Energy Intelligence has hosted its 45th annual forum shining a spotlight on “Geopolitics & Transition: The New Nexus”.
The event, in London, addressed the critical challenges facing global energy markets and collaborative solutions for industrial decarbonisation. Energy leaders explored how industrial policy, geopolitical competition, and Trump’s election could shape these industries.
Speaking at the forum, BP Plc CEO Murray Auchincloss remained optimistic that onshore wind developments in the US – where over half of the UK-headquartered producer’s assets and cashflows are invested – remain secure, with construction likely even to be accelerated following promises from the new president to curb regulations.
“We think it [the Trump presidency] is a strong chance to help the US get back to putting construction forward, getting regulatory reform in place, and getting faster permitting and really allowing construction to move forward. That’s what we’re most hopeful for, because the US has been struggling in that space,” Auchincloss commented.
Key takeaways from the forum include the drastic need for innovation in carbon removal technologies to counter the overshoot in rising greenhouse gas emissions.
Temperatures will rise by 1.5°C in the next 10 to 15 years and damage is unavoidable, according to Dr. Hoesung Lee, the sixth Chair of the Intergovernmental Panel on Climate Change (IPCC) and winner of Energy Intelligence’s Energy Economist of the Year. “Global emissions must peak by 2025, but this won’t happen.”
In addition, the race is on to decarbonise the industry. Hydrogen, electrification, carbon capture, and nuclear are all competing to be the top solution for energy-intensive sectors like steel, chemicals, shipping, and aviation.
According to Anne-Laure de Chammard, Executive Board Member at Siemens Energy, there is a still a long way to go on this front. “Sectors with clear targets and incentives are progressing faster than those without clear signals,” she noted, adding that small modular reactors can play a key, timely, role to provide electricity for the expanding demand of data centres around the world. “You can build one in roughly one year.”
Meanwhile, Darren Woods, Chairman & CEO of ExxonMobil, was awarded Energy Intelligence’s 2024 Energy Executive of the Year. He was recognised for leadership in growth and innovation, including the acquisition of Texas-based oil and gas exploration and production company Pioneer, and advancements in carbon capture, hydrogen, and lithium.
TotalEnergies was awarded the 2024 Energy Innovation Award by Energy Intelligence in recognition of its commitment to the energy transition. With over $70bn invested in low-carbon initiatives since 2015, the company stands out among its peers for driving impactful change while ambitiously working to reduce Scope 1, 2, and 3 emissions.
Lara Sidawi Moore, Deputy CEO and Chairperson of the Executive Committee of Energy Intelligence comments: “Our choices now, we hope, will help to craft a unified framework to provide energy security, stability, and prosperity to future generations. We urgently need greater foresight, collaboration, and determination to help drive the world toward a more sustainable, resilient, and secure energy future.”
