The energy sector includes international and national oil companies, with upstream, midstream, and downstream operations. The allied chemicals industry consists of companies focused on developing and manufacturing industrial, specialty, and other chemicals. The energy sector also encompasses renewable energy companies and utilities engaged in power generation, transmission, steam supply, water supply, and waste management.
Evolving pressures and expectations
Vital to every aspect of economy and society, energy and chemical companies operate within a rapidly evolving geopolitical and volatile environment, and are under increasing pressure from investors, regulators and governing authorities to demonstrate progress towards hitting net-zero targets.
Meeting demand with innovation
This has spurred innovation across the sector, with energy companies actively pursuing Carbon Capture, Utilization and Storage (CCUS), and carbon offsetting strategies and responding to the growing demand for hydrogen, renewables, and other sustainable fuels, including biofuels and power-to-X.
New commitments and strategies
With oil and gas as the main feedstocks used in the chemical sector, chemical companies are also focusing on ways to accelerate their energy transition to net-zero carbon emissions. Industry leaders are making firm commitments relating to decarbonization, the use of renewable energy sources and the application of ammonia, as well as exploring the use of hydrogen, alternative feedstocks, and CCUS across the value chain.
