Energy Transition Summit: Net zero by 2050 is economically achievable

The Energy Transition Summit took place this week on the 25 & 27 May,  providing key market insights, trends and opportunities over the next decade as the energy sector prepares to support a global green economy.

It was clear from the discussions that net zero by 2050 will be economically achievable if there is an increase in investment and clearer regulation set out by governments. After the recent court order for Shell to cut carbon emissions by 45% by 2030, Ed Daniels spoke to David Knipe at Oliver Wyman on Shell's commitments and the crucial role they will play in the clean energy future.

You can watch all of the sessions from the Energy Transition Summit on demand here and see the key outcomes below.

Key Outcomes

Biden Administration
Kelly Speakes-Backman from the US Department of Energy showcased the US governments ambitions through the planning and execution of the organization’s $2.8B portfolio of research, development, demonstration, and deployment activities in energy efficiency, renewable energy, and sustainable transportation.

Net Zero Targets
Lord Adair Turner made it clear that we can get to net zero by mid-century and that it is economically affordable. Referencing IEA’s new report, he stated that ‘we can absolutely get there by 2050, but we must focus our efforts and support is needed by financial institutions and governments.

Innovation
Francois Austin, Partner and Global Head of Oliver Wyman’s Energy Practice at Oliver Wyman highlighted that the technologies we need are already on the market today, but we need to push for major innovations.

Green Agenda

Isabel Blanco at the EBRD, referenced the changing mindsets we are seeing today, reflecting on how over the last 6 years ago the green agenda has not been at the forefront and despite the recent acceleration we are still not acting fast enough to achieve net zero.

Shell's Court Order
Ed Daniels at Shell spoke to David Knipe at Oliver Wyman on the recent court order for Shell to cut carbon emissions by 45% by 2030. Ed outlined Shell’s enthusiasm to get to net zero emissions by 2050. Jennifer Morgan at Greenpeace, spoke later on, stating that this is a moment in history of corporates being held accountable for their emissions.

Renewables
Elizabeth Press, Director of Planning and Programme Support at IRENA, stated that IRENA has been saying for a decade that renewables will be the centre of the energy transition, and are now cheaper than any other solution.

Watch all sessions on demand here.

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Interested in exploring how we can build back better, support green jobs, and accelerate our path to net zero? Join us for the Climate Innovation Forum taking place June 29 - July 1 during London Climate Action Week by registering here.