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Table of contents
  1. Overview and key findings
  2. Energy transition in the CEE region
  3. Energy transition in the Middle East region
  4. Energy transition in South Africa
  5. Energy transition in the Asian region
  6. Outlook for investment
  7. Challenges to the transition
  8. Recent developments and trends in energy transition
  9. Interview with Will Webster, Oil and Gas UK
  10. Interview with Christina Verchere, OMV Petrom
  11. Interview with Pierre Girard, Neptune Energy
  12. Interview with Bob Henderson, Shell
  13. The route to decarbonisation
  14. Overview of the strategies of O&G majors
  15. Technologies being used
  16. How well are they doing?
  17. Methodology
  18. Why are European majors taking the lead?
  19. New UK agreement could be a model for others
  20. Eight O&G majors agree energy transition principles
  21. Conclusion

Overview and key findings

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10 out of the 15 O&G majors analysed had announced net-zero emissions pledges by end of 2020.
 

 

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The jump in the annual investment in the energy transition by O&G majors is also striking – 4.2% 1 Based on research carried out by CMS. of capex in 2020 vs 2.9% in 2018, a solid 23% increase across the sample as a whole, based on available data of absolute figures.

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Capex investment in O&G has been hit hard during the pandemic; renewable power has been the segment least affected.

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But while five of the 15 O&G majors are on track with their emissions pledges made as part of the Paris Agreement, all fall short in limiting the adverse impact of climate change to 2 degrees Celsius. This shows the urgent need for change and a strong call to action.

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In one scenario, investment could rise more than threefold over the next decade – reaching USD 28bn a year by 2030. But on a less bullish scenario, investment could reach just USD 10.4bn by 2030, so there is a lot at stake.

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