Driving the Industry Towards Net Zero Through Pooling, Sharing and Collaboration

Abstract

Abstract As an industry, we have a shared commitment to reach net zero emissions by 2050. The exam question has been set and although we are beginning to see progress, in an industry that has always been good at overprovisioning, a lot of work is still to be done. Operators have traditionally felt the need to maintain extra capacity to guarantee uninterrupted production. This may seem understandable, but in reality, will only result in more significant costs and emissions further down the line. To achieve our efficiency goals, we need to change this mindset, but how can we adapt our culture and drive the change needed to achieve that? One way is through a much greater focus on combining what we have, through pooling or sharing, to meet the increasing expectation from the authorities for operators to demonstrate they are truly collaborating with each other. Every operator has efficiency and environmental targets, but many still seem reluctant to follow through on the need to work closely together. We must question why this is the case and tackle head-on some of the barriers that prevent us from implementing more efficient models.