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The Energy Summit 2016 ►
Global energy markets are now at an inflection point and the coming period will be characterised by a rapid decline in the carbon intensity of the global economy and faster growth in the deployment of renewables, fuelled by the Paris agreement in late 2015. Although oil prices remain low, the shift towards lower-carbon energy sources will prove far longer-lasting, creating profound implications for the energy industry and challenging the future of energy companies.
Technological innovations such as the increased efficiency of renewables, the inevitable rise of electric vehicles and the improvement of battery storage capabilities will all have significant impacts on the oil and gas industry’s traditional markets, but equally on the life of everyday consumers. The sector also faces a challenging environment due to the ongoing impact of the unstable global economic recovery, inhibiting energy demand, particularly in China and India.
Not only has the plunge in energy prices led to the cancellation and deferral of new projects worth billions of dollars, it has also created questions around the adequacy of the business model of the oil and gas majors. Furthermore, geopolitical concerns remain closely linked to the volatility of commodity prices, putting pressure on various stakeholders within the energy sector. These shifting sands will have potentially transformational implications for the future of the industry, but they also present distinct opportunities for the most adaptable players.