Guyana’s prime oil assets address world’s dual challenge on energy supply, emissions reduction – Hess - Panorama Insurance Brokers

Guyana’s prime oil assets address world’s dual challenge on energy supply, emissions reduction – Hess

Even as world leaders make big commitments to transition to renewable energy so as to achieve net-zero emissions by 2050, oil will still be needed along the way to meet global needs. During his company’s 2021 Q2 Earnings call, Hess Corporation’s Chief Executive Officer (CEO), John Hess, acknowledged this while noting that it was also supported by the International Energy Agency (IEA).

In this regard, Hess noted that the IEA’s rigorous Sustainable Development Scenario which assumes that all pledges of the Paris Agreement are met, categorically states that oil and gas will be 46% of the global energy mix in 2040 compared with approximately 53% today. Even in the IEA’s newest Net Zero Scenario, oil and gas will still be 29% of the energy mix in 2040.

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