Page 6 - LatAmOil Week 09 2021

LatAmOil COMMENTARY LatAmOil

Fossil fuels’ future

role in the spotlight

IHS Markit’s CERAWeek conference addressed the fate of fossil fuels in a decarbonising world

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

(Photo: Oteac)

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