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- Gretchen Watkins
After COP26 in Glasgow, the destination is clear—net zero by 2050. Net-zero targets have been set by countries representing 90% of world GDP and by an ever-increasing list of financial institutions and companies. Post-Glasgow, we are faced with implementation challenges. Emission reductions must be significantly accelerated within eight years to reach net zero by 2050. It will require flawless execution, public-private partnerships, and putting steel in the ground. The oil and gas industry will have to participate, using its technology, engineering, project management skills, ability to take financial risks, manage complexity, and execute at scale. The share of hydrocarbons has changed from 83% to 80% in the last 30 years; how can it decrease to near zero in 30 years? What are companies’ top priorities to reduce emissions? Which technologies will be most relevant for the industry getting to net zero, and what will be the timing and impacts? Is the push to net-zero and carbon-free energy causing current supply disruptions and price rise?