Page 6 - FSUOGM Week 10 2021

FSUOGM COMMENTARY FSUOGM

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

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

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