Progressing towards the new normal
The global energy system is observing progressive transition, from fossil-based to zero-carbon.
The energy transition can be enabled by smart technology, policy frameworks, and managing consumer expectations. Bell Energy has assessed decarbonization paths and is equipped to assist organizations and speed up the energy transition by providing the necessary technology assistance and tools.
Our energy transition work is built around three segments:
Progressing companies under these segments require to embrace technologies to adapt to the new normal.
The benefits cited of transitioning to lower-carbon operations are gaining:
Deploying new technologies like advanced analytics, artificial intelligence (AI), automation, cloud, blockchain, drones, advanced weather forecasting, and geospatial technologies will help smoothen the energy transition from disruption to growth.
Many organizations are executing innovation in supply chains and changing production lines to address COVID-19 related challenges.
Hence implementing these solutions can add flexibility, reliability, and resilience needed to ease operations.
Many companies are reprioritizing their short-term spending to assist in the current crisis. They are moving towards solutions that are widely available and bring tangible benefits which increase process efficiency and likely reduce costs.
Adjusting to new policy frameworks can be most effective. Flexible supervisory initiatives, that could help enable the energy transition, are emerging.
However, there are statistics to watch as to how policy tools are being deployed during and will be deployed immediately after the COVID-19 crisis. But significance may be given to economic stimulus and social safety networks, potentially delaying decarbonization initiatives.
Many countries are taking the necessary initiatives to advance the energy transition even during the downturn. Likewise, European countries are considering the use of “green” stimulus packages to address the current economic crisis.
Managing consumer expectations is primary. Customers are developing preference for “green” energy, in power, oil and gas.
Oil and gas executives analysed & identified “consumer support for reducing carbon emissions” as one of the top drivers for the industry’s transition towards a viable, low-carbon future.
The COVID-19 crisis seems to have underlined many of the aspects that could accelerate the energy transition: re-evaluating supply chains, collaborating within and across sectors, and pioneering Capex-light scalable solutions with digital knowledge and analytics as to the essence.
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