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.