The refining industry is faced with the challenging task of satisfying uncertain global and local demand, while meeting environmental targets and anticipating future emissions reductions. In some world regions, refineries see transition as the opportunity to develop low-carbon manufacturing hubs, seeking to integrate biomass, while exploring carbon capture and electrolysis. What are the opportunities and challenges for refineries as they embark on decarbonization of existing activities, and venture into new—and often uncharted—territories?