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OPPORTUNITIES

Figure 4: Some oil and gas majors have announced bold, specific decarbonization targets

Leaders will also take the from pilot programs and how they will be scaled
opportunity for bold action in across the organization’s operations and products.
“the crisis to tune their Reassign investment to clean energy projects.
operating models to clarify If the initial reaction to the collapse in demand was
accountabilities and to delay or cancel pending oil and LNG projects,
professionalize sustainability at the evolving thinking is to consider how we might
refocus a significant proportion (40% to 50%) of
the core of the business, while that capital into cleaner or zero-carbon energy
prioritizing investments to clean projects that can meet production, economic and
sustainability goals. For example, although the In-
energy and low-carbon projects ternational Energy Association has said that the
Covid-19 crisis will, for the first time in two deca-
des, slow growth in renewable power generation,
tion goals, but what’s needed now are clear, short- the IEA expects growth to rebound in 2021.
term action plans with discernible outcomes, which
complement long-term ambitions such as net zero Some oil and gas majors are taking the lead: ENI’s
by 2050 or sooner, with objectives and outcomes chief executive, Claudio Descalzi, has committed to
over the next 12 months, as well as two and five building 55 gigawatts of renewable energy projects
years out. and reducing its product emissions by 80% by
Use the operating model to clarify accounta- 2050. In late May, BP’s CEO, Bernard Looney,
bilities, encourage change and professiona- doubled down on his company’s commitment to
lize sustainability. It took many years for the oil reducing carbon, saying the pandemic had only
industry to develop effective ways to deploy digital deepened his and the board’s commitment to
capabilities. Experimental approaches in a wide sustainability. And Shell’s CEO, Ben van Beurden,
range of settings had little effect until they were has told investors that the company would toughen
prioritized, accountabilities clarified, and pilots sca- existing targets to reduce the company’s net
led up to deliver new ways of working. Similarly, carbon footprint by 65% by 2050.
a company’s sustainability efforts may have only
token effects until the operating model reflects These statements signal a strong desire among
how and where the commercial business impact sector leaders to seize the opportunities in this
is visible and where differentiated capabilities will moment in order to move the energy transition
be developed. For an oil and gas company, em- forward.
bedding these changes into the corporate ma-
nagement system captures the lessons learned The disruptions brought on by the coronavirus pan-

34 34 Impiantistica Italiana - Luglio-Agosto 2020