Energy Transition or Energy Advancement!

Abstract

Abstract In the past two centuries, the global energy scenario has been secured and dominated by fossil fuel, currently representing 83%+ of global energy mix, with oil and gas reaching almost 53-55%. Since then, the global energy demand has been rising proportionately to human prosperity, global economic and population growth. With it, greenhouse gas (GHG) emissions, in particular Methane and CO2 have been rising, inducing a global environmental challenge. Unfortunately, in the last two decades, the global energy debate was dominated by unrealistic Energy Transition narrative, calling for unrealistic energy transition scenarios, focused around the gradual elimination of fossil fuel by stopping investing in oil and gas upstream projects without offering any practical alternatives. This awkward strategy is leading to unprecedented potential global energy security threat that could jeopardize the current positive global sustainable development and human prosperity. In addition, due to global geopolitics, the world started to realize that energy security always takes priority, as can be seen lately in several European countries raising its Coal share in their energy mix despite its environmental challenge. Hence, there is a need for the energy industry to change this negative global Energy Transition narrative to a more positive realistic and practical Energy Advancement agenda that could address all its related greenhouse gas emissions and preserve the unmatched fossil fuel influenced global economic growth, sustainable development and human prosperity achievements with its solid global infrastructure. Putting this new Energy Advancement strategy in action, a new decarbonization strategy has started evolving globally with unprecedented IOCs and NOCs collaborations towards reaching zero-net emission goal by 2050/2060. The proposed Energy Advancement strategy is built on inclusion of all energy sources with solid environmental, social and economic accountability. The evolving decarbonization strategy road map includes emission detection/reporting, significant emission reduction investment and multi large-scale Carbon Capture projects, Gas in Power in lieu of Coal/fluids, Renewables in Power, Hydrogen, Energy Efficiency, Carbon Circular Economy, Crude to Chemicals, Energy Conservation, Social Behavior and Afforestation. There is a need for the Oil and Gas industry to globally lead this Energy Advancement strategy, monitor its progress, measure what really matters and report its achievements through new energy sustainability models and standards that need to be developed, preferably by the Oil and Gas industry academic and professional societies based on the UN 17 Sustainable Development Goals (SDGs) and IPIECA SDG Atlas. Accordingly, Energy Advancement can be defined as "Deployment of all energy sources (with no exception), with the right technologies and policies that address human energy needs to support its must-to-grow economy, enrich its sustainable social development goals and protect its environment, focusing on affordability, efficiency, and environmental accountability", towards zero-net GHG emissions by 2050-2060. The Oil and Gas industry has started this long-term Energy Advancement journey and have no option except to succeed. Other emitting industries that currently contribute to the global Carbon and Methane emissions must also be included in the dialogue and accountability.