On the last day of Rio Oil & Gas 2020, the panel “Winning in the 1920s: creating value through responding to climate change” presented challenges and opportunities for the energy transition. According to Michel Frédeau, Managing Director, Senior Partner and Head of BCG Global Climate Leadership Team, the moment is one of optimism, due to public awareness, global political movements - American elections and China's entry into the Paris Agreement - and opportunities for economic growth . “The energy transition, in this generation, should generate billions, even trillions, in investments to reduce emissions and achieve sustainable goals”, said, Michel. The challenges highlighted are the reduction of carbon emissions by 50% by 2030, so that the objectives of the agreement are achieved.

Mahendra Singhi, CEO of Dalmia Cement, is an example of an executive who saw opportunity in the energy transition and established himself as an early adopter. After implementing energy efficiency strategies, a progressive business mindset and bold sustainability goals, your company has become a reference in cement production. “This movement started in 2018, when we defined that we would be carbon neutral by 2040. We made a series of structural changes, maintaining the company's profitability, consuming less and producing more. We realized that, with the smaller carbon footprint, we can become one of the most profitable companies in India ”, said the executive.

Andrew Gould, former CEO of Schlumberger, recalled the peculiarities of the energy sector. “About 84% of global energy comes from fossil fuels. Power systems are highly complex and integrated. For companies that specialize in the current headquarters to make this transition, it will take time, ”said Andrew. In this sense, he remembers the transition energies, exemplifying natural gas as a matrix that can fill this gap between fossils and renewables. Andrew optimistically sees ambitious sustainability goals for companies in the sector, such as Total and Equinor.

The timing of the energy transition is urgent and progressive. “It is no longer a debate about who believes or does not believe in climate change. We are past that. The point is that there will be tougher regulations and consumers will demand more from companies. The debate is over. We will see the transition happen, ”said Mark Wiseman, former VP at Blackrock. He recalls the current challenges facing CEOs of large energy companies, who are increasingly pressured by investors to have more sustainable portfolios. “In addition, another difficulty for investors and executives is the lack of standardization of indicators and metrics that can be disseminated in reports with the results of an ESG agenda. We need a standardized and auditable model, ”recalled Mark.