International collaboration is essential to achieve net zero

Almost 60 years ago, in 1966, I arrived at St John's College, Cambridge, on a scholarship from BP to study physics.

- LORD BROWNE

This would turn out to be a golden period for the oil and gas industry. Two new frontiers — the North Sea and Alaska - were on the cusp of opening up, and the industry’s reputation as a source of innovation, diplomacy and prosperity was strong.

How times change - both in obvious and less obvious ways. The North Sea peaked long ago, with Britain sadly ever more reliant on energy imports. A fuller understanding of climate change has laid bare the duality of hydrocarbons, with most energy companies far too late in taking action. The focus in most developed countries is now on how to produce more and more energy from zero-carbon sources. This is all part of what is commonly meant by the “energy transition”, which is essential if we are to save humanity from the uncontrollable and destructive impact of climate change on health, food supplies and migration.

But a less obvious energy transition has been taking place, right in front of our eyes. In 1966, the UK consumed more energy than it does today, despite decades during which both the economy and the population have grown. And the UK now no longer consumes any coal to speak of. If someone had told me this as an undergraduate, I would have scarcely believed them. Some of this change is down to deindustrialisation, but much of it can be attributed to steady gains in energy efficiency. The direction of travel is the same in the US, Canada and the EU.

This should give cause for great optimism. The energy transition is a serious challenge, which will take years to complete, but it is underway, and it is inextricably linked to energy security. The idea that energy security can be based solely on oil and gas is wrong and dangerous. So too is the view that we can achieve an overnight transition simply by setting net zero targets.