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Fossil fuels’ future

role in the spotlight

The future role of fossil fuels in a decarbonising world was being
examined at the CERAWeek by IHS Markit conference this week

COMMENTARY THE future of fossil fuels was up for debate as Centre stage
the CERAWeek by IHS Markit conference was This was one of numerous discussions about the
hosted virtually this week for the first time. The energy transition and combating climate change
WHAT: event normally takes place in Houston, and was – topics which took centre stage during this
The future role of fossil cancelled last year as the coronavirus (COVID- year’s CERAWeek, having been gaining promi-
fuels was being examined 19) spread globally, having been set to take place nence in recent years.
at CERAWeek this week. at the same time that the outbreak was declared In 2021, though, after so many countries,
to be a pandemic in March 2020. companies and regions have adopted decarboni-
WHY: Much has therefore changed since the last sation targets since the last CERAWeek was held,
The energy transition CERAWeek took place, in 2019. Not only is the it was seen as more important than ever. How-
is picking up pace, and world trying to overcome the pandemic – with ever, even as they acknowledged the importance
there is some debate post-pandemic recovery a major topic at this of decarbonisation, many speakers stressed that
over the role oil and gas year’s conference – but there is also a new US the path to net zero greenhouse gas (GHG) emis-
will play. President with different priorities as far as energy sions would be a difficult one, and maintained
goes. that there would be a need for investment in fos-
WHAT NEXT: US President Joe Biden wasted no time in sil fuels for years to come.
Some players appear taking steps to show that tackling climate change “There just isn’t yet enough renewable energy to
set to make a more would be one of his major goals, in marked con- fuel all of the energy that people need. That’s in devel-
concerted shift away from trast with his predecessor, Donald Trump, whose oped countries,” Amazon Web Services’ CEO, Andy
fossil fuels than others. priorities were US energy independence – and Jassy, who will succeed Jeff Bezos as CEO of the entire
indeed energy dominance. company this summer, told the conference.
Changing geopolitics were discussed by Jassy said his company had announced its
panels and individual speakers, with various goal for net-zero emissions at a time when it had
challenges outlined. However, US Special Presi- not entirely figured out how to achieve this target
dential Envoy for Climate John Kerry said on the – which can also be said of other companies and
second day of the event that he believed the US countries adopting similar goals.
could compartmentalise its geopolitical tensions And if there cannot be enough renewable
with China to work together climate plans aimed energy to meet all demand, that brings fossil
at limiting global temperature increases. fuels back into play, at least for a number of years
to come.

P6 www. NEWSBASE .com Week 10 11•March•2021