The energy landscape is changing over a multi-decadal timeframe, driven by concerns for security, sustainability and cost. The efficiency of the transformation will depend on the quality of the relationship between businesses, governments and researchers working together towards common goals.

The energy industry is unlike many others in that it requires companies to take huge capital risk over many years before receiving a return on investments, and its products are largely undifferentiated—hydrocarbon fuels and electrons. Competitively, this places a heavy emphasis on the efficiency of value chains—i.e. accessing resources, converting them into useful products, and getting them to market.

The development and deployment of new technologies in collaboration with the world’s many great research institutions can accelerate change and reduce the social, economic and environmental cost of the transition.

International energy companies like BP use their technological experience and capability to deliver big, complex and challenging energy projects. Whether it be exploring for giant fields in deep water, unlocking the potential of unconventional gas, or developing next generation biofuels at scale, we are well placed to meet rising demand and support a lower carbon energy future.

The solutions to the world’s energy challenges will vary regionally depending on each nation’s natural resources. The industry needs clear and consistent policies at a national level, based on an analysis of these resources. It is vital that policy makers recognise the different requirements at each technology readiness level, from initial R&D to field testing and commercialisation. In the short term, this means making the most of proven technologies—such as the use of natural gas for power—as well as developing a clear carbon policy, investing in infrastructure and encouraging innovation. With appropriate policies and partnerships in place, technology will play a pivotal role in meeting the energy challenges of the 21st century.