Insight

Decarbonisation: Site emissions become a new metric for competitiveness

27 October 2021

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27 October 2021

Decarbonisation: Site emissions become a new metric for competitiveness

Report summary

The energy transition is underway, which challenges the refinery sector as demand for its traditional products is set to fall. Refining has a future role as growth opportunities lie in petrochemicals and low-carbon liquid fuels, both of which are core competencies of refiners. The challenge is adapting product mix whilst decarbonising operations. Highly competitive sites are best suited to adapt to the energy transition as they provide cash for the necessary investments whilst also providing a return to investors. Emissions intensity becomes a new metric for competitiveness and a critical input to the characterisation of long term site sustainability.

Global oil demand growth is to stall then demand is to fall
Emissions reduction is key to achieve our net zero ambitions
Significant investment is required to achieve site sustainability
Portfolio rationalisation will be critical to focus investment on sustainable sites