How Major U.S. Brands are Using Business Entertainment to Stand Out

To reach net zero by 2050, things might have to move up to four times faster than in previous big changes, and people from all over the world will probably have to work together. According to the Deloitte US Road to Scale report that was just released, the goal is to completely change the built environment, energy systems, resources, industry, transportation, and energy systems. The global energy transition is happening very quickly, especially when you consider how hard the job is. For example, it took over 30 years for the Industrial Revolution, the change from the simple telephone to the smartphone, and the idea of computer intelligence to Generative AI to become common around the world.

A solar power plant with new city buildings in the background

As soon as possible, companies that work with oil, gas, chemicals, and other parts of the energy system are thinking about how they can help move the shift forward. :By growing in three stages. In this case, small steps are taken one after the other, starting with an asset (like a machine, process, or facility) and moving on to the system level (like a group of machines and processes or several facilities). Finally, progress is made across processes, technologies, the supply chain, vendors, and sectors.By making acceleration easier. This means using tools like technology, talent, money, and new ways of doing business to help speed up the shift by providing important support and momentum.By acting as builders of change. This means getting lawmakers, other businesses and organizations, and consumers to take action. These groups may have a big impact on how the transition goes and what happens at the end.Keeping dependability, cost, and long-term viability in checkLeaders in the energy sector can use these effective ways to get people to act, but the urgency of the energy transition needs to be balanced across the three factors of dependability, affordability, and sustainability. Focusing too much on any one of them could set back the whole goal. So far, it's been hard to deal with the cost issue. Many end users will not or simply cannot pay more for low-carbon products, which is a problem for the energy business as a whole. For the same reason, industrial customers—who make up most of the business in the oil, gas, and chemicals industries—often find it hard to make the case for buying renewable fuels and feedstocks when hydrocarbon-based sources are much cheaper. So far, policy enablement has mostly been about giving incentives to suppliers. However, this has not yet brought down the costs of supplies enough to compete with goods that have higher carbon levels.

How to solve the demand puzzle

In the tri-phased scaling model, companies may not be able to move from the asset level to the system level and then to the ecosystem level if there is weak demand and no clear return on investment. Today, it's common for oil, gas, and chemical companies to use marginal abatement cost curves to figure out which projects they can fund to lower emissions from machines, processes, or buildings in a way that makes sense financially. These investments could mean putting in place solutions like using lower-carbon feedstocks to make lower-carbon products or bringing energy to remote production sites that used diesel engines for power or transportation. They might also involve making technology better. For example, some businesses are testing the use of artificial intelligence (AI) to help lower emissions at the asset level by making processes more efficient or directly by capturing carbon or stopping methane leakage. But so far, not many oil and gas companies have been able to really step up their efforts at the system or environment level.So far, progress has been slow, but the oil, gas, and chemicals industry, perhaps more than any other, is well-equipped to solve the difficult problems that come with making the huge, systemic changes needed to reach net-zero by 2050. Leaders and lawmakers in all fields are focused on making the energy transition bigger. However, "thinking big" isn't always easy if it's not how you normally do business. Getting hydrocarbons from the ground to the market quickly and efficiently takes huge investments in infrastructure, a lot of technical know-how, and the ability to get different companies and governments to work together to find paths to market that are good for everyone. Leads in oil, gas,

chemicals can help drive the energy shift because they naturally think about big picture issue.

Taking a look at a world carbon price

Being that the world is trying to build a whole new energy system, it makes sense that people whose main job it is to solve big, hard problems, often across industries and countries, could be transition architects. But the demand puzzle needs to be solved before leaders in oil, gas, and chemicals can use their skills to help scale up the energy shift. At the moment, there isn't enough demand for low-carbon products to speed up the switch to clean energy at the rate needed to meet world goals for reducing carbon emissions. This fact has made calls for a global carbon price stronger. Countries that put out a lot of carbon could agree on a single plan to lower the cost of clean energy goods, which would increase demand. This plan would also make it clearer how much money low-carbon investments will earn. In turn, this could let oil, gas, and chemical businesses "play big" in the energy transition journey from assets to systems to ecosystems, eventually connecting different sectors and systems into a single low-carbon network.