Energy transition, investments and net zero goals

July 2021


During the month of June, Clarissa Lins participated in two events on energy transition, addressing the possible implications for the O&G industry and the challenges of decarbonization. Both events were attended by industry executives and were conducted remotely.
On June 22, Clarissa was part of the panel “The Energy of Tomorrow and the shift to a more sustainable world” in a forum on the future of energy held annually by Siemens Energy. The panel included opening remarks by Bento Albuquerque, Minister of Mines and Energy of Brazil, and Diego Mesa, Minister of Mines and Energy of Colombia. The panel was conducted by Gabriela Frias, anchorwoman of CNN Negócios, and included the participation of Cristian Bruch, President and CEO of Siemens Energy AG, Adriana Waltrick, CEO of SPIC Brasil and member of the Board of Directors of GNA, Teresa Vernaglia, CEO of BRK Ambiental, in addition to Clarissa Lins, founding partner of Catavento.

The challenges of the energy transition in Latin America were discussed, with a main focus on the Brazilian and Colombian contexts. Among the different aspects addressed, the possible ways to limit the increase in global temperature by up to 1.5°C, the competitiveness of renewables against fossil sources and the technological development necessary to support the transition stood out.
Clarissa Lins focused on structural changes in investment portfolios in the energy sector, with a greater share of electricity and renewables. Clarissa highlighted that the changes were accelerated with the outbreak of the pandemic, and also indicated that projections from the International Energy Agency indicate the recovery of investments to pre-crisis levels. According to the same projections, investments in renewable sources for electricity generation tend to represent 70% of the total estimated for the activity in 2021, compared to 30% for fossil sources.

Clarissa also analyzed investments in the O&G sector, which represent approximately 38% (US$722 billion) of total energy investments projected for 2021. This level is lower than in 2019, when the sector accounted for 45% (US$886 billion) of the total investments. Clarissa pointed to the growing net zero commitments made by governments, companies and financial institutions as being the causes of this drop in participation. For example, such commitments made by countries already incorporate 70% of emissions and global GDP.

Net zero commitments were also the subject of a second debate held in June. Clarissa Lins was part of the panel – “Road map to Net Zero: the decarbonization of the oil industry” in the series of debates Diálogos da Transição at epbr. The meeting was also attended by André Araújo, CEO of Shell Brasil, and Décio Oddone, CEO of Enauta. The debate was moderated and led by Felipe Maciel, from Agência epbr.
Clarissa highlighted messages from the recently published report of the International Energy Agency – Net Zero by 2050. The report points to significant changes in the way of generating and consuming energy. Clarissa pointed out the existence of risks with possible changes among oil and gas producers. While the main majors in the sector increase their exposure to renewable sources, new investments in exploratory activities end up being carried out by companies without the same standards for emissions, safety and health. Finally, she reinforced that O&G companies need to align their strategies with society’s new demands.
Décio Oddone, in turn, reinforced the role of public policies and technological development to ensure a fair and inclusive energy transition. He also pointed out that the transition needs to consider energy security and access to energy. Finally, André Araújo presented recent changes in Royal Dutch Shell’s strategy in a context of transition. He pointed out that the company is also considering the particularities of the countries where it operates, such as the case of biofuels in Brazil.

To watch the full debate, click here.



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