Canada Energy Transition: Opportunities for Leading Companies to Evolve

Energy inefficiency, fossil fuels, greenhouse gas emissions, and overall energy consumption are just a few of the concerns companies that have across the globe. With many leading companies pledging to meet net-zero targets by 2050, analyzing current energy systems has never been more important. 

Worley, an industrial engineering solutions company, is committed to helping businesses change current processes, develop new technologies and create new value chains that prioritize the energy transition. 

Kelly Newnham, Senior Vice President, Growth at Worley sat down with Rachel Gregory, Digital Host at The Global Energy Show to discuss the energy transition in Canada, energy transition opportunities and what leading companies need to be doing to evolve to the changing landscape.

Energy Transition Opportunities in Canada for Leading Companies to Evolve

Worley’s Impact on the Canada Energy Transition

Rachel: Can you tell us more about Worley? What is it that you do? 

Kelly: Worley is a worldwide team of consultants, engineers, construction workers, and data scientists with one thing in common; we love a good challenge. We've helped design, diversify, and improve some of the world's most complex assets. The production, transformation, storage, and consumption of energy will continue to change, and together we tackle climate change. We navigate the energy transition and circular economy and keep pace with the digital transformation. Sustainability is at the core of Worley's purpose and strategy. Our work today ensures we have a tomorrow that we can all thrive in. 

The Energy Transition Opportunities in the Oil and Gas Industry

Rachel: Kelly, what are your thoughts on the energy transition and how is this an opportunity for the oil and gas sector? 

Kelly: I think no single technology or sole entity can solve the decarbonization challenge ahead of us. But, a combination of them can. The future of energy depends on a range of technologies and people working together. Only then can the journey to reduce the carbon emissions intensity of industrial processes happen without impacting productivity or financial performance. So the energy transition and sustainability pivot are fundamentally changing our notion of value. 

We need to change processes, develop new technologies and create entirely new value chains, and we need to do this fast. Businesses and governments will need to transform how they engage communities and develop and deliver projects. We need to invest with foresight and invest in technological options, and in the earmarked land that we will need over coming years in the transition. We need to nurture people's trust and evolve people who will be impacted by the energy infrastructure or transition in the planning and development process. Overall, we need transparency to accelerate approval and regulatory processes so that people trust in that governance. 

Repurposing Existing Energy Infrastructure to Develop Renewable Energy

Rachel: How could Canada repurpose its existing energy infrastructure in the development of alternative fuels? 

Kelly: I think Canada is in a good spot right now with our ability to use the infrastructure that we have in place in the short and medium term. The energy transition to alternative fuels has allowed us to bring out-of-service infrastructure back online and fit for service repurposing of our pipelines and other infrastructure to support things like renewable, natural gas, carbon, and hydrogen. 

We see a strong energy demand and investment trend for partial and complete refinery conversions to biofuels and other development of synthetics. We have opportunities within our waste streams to capture and reprocess, and this applies to everything, including wastewater recycling.

What Companies Should do to Prepare for the Changing Market

Rachel: Throughout the next decade, what should companies in energy be doing right now to better prepare for the changing market? 

Kelly: Worley has just published a paper with Princeton University that explores the practical shifts required to develop and deliver the infrastructure needed to achieve our net-zero ambitions. But, net-zero requires a tapestry of different technology approaches working within geographic resource markets and enviro, social, and political constraints. 

We need to develop all possible decarbonization technologies, spreading our efforts and investments broadly. We need to form coalitions empowered to hit net-zero targets and deliver value. Value in financial terms, in the creation of clean energy jobs and in clean environments. And we need digital enablement. Digital is key to accelerating the net-zero transition and the way that ensures transparency, trust and shared value.

Trends Impacting Canada’s Energy Sector 

Rachel: What is one trend that you see impacting Canada's energy sector the most right now?

Kelly: I think the acceleration of ESG and the energy transition has created what I will refer to as opportunities within the clean energy sector. It has accelerated the need to shift our approach and expectations, and the transition gives us a chance to ensure energy is affordable globally and available to more of the world's population.

There is an enhanced ESG focus, and expectations will be even further enhanced with ESG metrics that will be very different over the next few years. This means that companies getting to net-zero will need significant investment. If we're going to find the capital to make it happen, investors need to feel motivated to commit and confident that environmental and social values will be preserved. It's going to mean expanding how society considers and shares those values for industry. This requires retooling the people, the need to collaborate, and really driving partnerships in the market. 

Learn More About the Energy Transition in Canada

With rising concerns about energy processes, reaching net-zero emissions, and the overall clean energy transition, it’s no secret that renewable energies will help drive companies in the future. Worley is an excellent example of a company that is focusing on clean energy projects to help companies reach their climate change and ESG goals by 2050. 

 

If you're interested in learning more about topics like renewable energy from those actively changing the game in North America's energy industry, register for the next Global Energy Show today.