Sector priorities Company-led solutions Mid-term (by 2030) –Increase investments in renewable energy sources to provide the energy required for operations. –Scale methane abatement and flaring reduction technologies. –Improve energy efficiency in extraction, refining and distribution processes.Long-term (by 2050) –Capture CO2 with CCUS technology and use it to enhance methanol production. –Transition towards sustainable business models that focus on renewables. Ecosystem-enabled solutions Mid-term –Expand the production and availability of renewable energy sources. –Encourage the implementation of programmes and technologies aimed at reducing methane emissions.Long-term –Invest in the development of infrastructure for clean hydrogen, renewable energy generation and CCUS. –Introduce policies to support the increase in demand for low-carbon materials to stimulate low-carbon hydrogen uptake.Readiness key takeaways Technology 4 –Fugitive methane capture technologies, zero flaring technologies, and upstream electrification are mature and available solutions (TRL 10). –Upstream CCUS is in the early adoption stage (TRL 9). –Steam cracker electrification (TRL 5), clean hydrogen (TRL 3-5) and use of CCUS in cracking and process heater (TRL 3-5) are in the prototype stage. Infrastructure 2 –178 GW of clean power is required by 2030, out of which 34 GW is currently available. –10 MTPA of clean hydrogen is required by 2030. Currently, none of the capacity is available. –390 MTPA of CCUS is required by 2030, out of which 33 MTPA are currently available for natural gas processing and LNG operations. Demand 3 –The oil and gas sector contributes to 1% of the total clean energy investments globally. –The green premium in the oil sector is estimated at 10% for B2B, while in the gas sector, it is estimated at 7%. Capital 3 –Over $1.1 trillion in investments are required by 2050, out of which around $780 billion is for electrification and efficiency, $110 is for CCUS, $102 billion is for methane reduction, $83 billion is for clean hydrogen and $70 billion is for flaring reduction.529 –Currently, the industry has an annual CapEx of $409 billion. Policy 3 –Policies are introduced to reduce emissions from existing fossil fuel infrastructure, scale up the deployment of clean energy technologies and boost the deployment of CCUS. Net-Zero Industry Tracker: 2024 Edition 120

Net Zero Industry Tracker 2024