The world consumes oil at a rate of 100 million barrels per day, as oil and its by-products touch nearly every aspect of modern life. While consumers demand change, and governments explore regulatory responses to meet their obligations to the Paris Agreement, can the energy sector transition to lower carbon alternatives and still keep pace with current oil consumption demands?
In episode 13 of The Flip Side, Lydia Rainforth, Managing Director, Equity Research, and Hiral Patel, Head of Sustainable & Thematic Investing, Equity Research, debate the various challenges facing society and its addiction to oil. They discuss the fuel alternatives being adopted in the automotive and aviation industries, whether consumer power and regulatory responses could guide the energy industry to meet the demands for a transition to a lower carbon economy, and if reduced demand could impact oil prices and subsequent R&D investment in key industries.
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The world is likely to remain dependent on oil for decades but is there a balance to be struck between the demand for oil and the urgent need to contain global warming?