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Next steps to energy transition goals

Charting the Energy Future: Key Considerations for Oil and Gas Companies.

The complexity of the energy transition requires collaboration among many players, but with a defined strategy and clear objectives in the short, medium and long-term – reducing emissions and moving to net zero can be a reality. Here is an overview of the factors that oil and gas companies should consider while contemplating the future of energy.

Next steps to energy transition





Value chain
  • Quantify emissions released at different stages of production.

  • Identify emission-intensive processes across the value chain.
  • Engage with suppliers and downstream consumers to reduce scope 3 emissions.
  • Address residual carbon emissions through offsets and CCUS.

Policy and regulatory environment

  • Leverage existing regulatory environment to invest in clean energy and alternative feedstocks.

  • Disclose category-wise emissions by following established standards.
  • Collaborate with companies and associations to develop robust climate strategies.
  • Scanning the long- term policy horizon and implementing transition plans accordingly.
  • Adopt mature and cost- effective technologies such as RE power generation, use of biomass feedstocks, LDAR.

  • Switching from coal to natural gas in the near term, along with CCUS and blue hydrogen.
  • Technological partnerships with key industry players.

  • Deploying clean technologies being implemented at commercial scales.
  • Embedding emerging low- carbon emitting technologies like CCUS, green hydrogen, etc. into climate strategy as well as improving their commercial viability.

Wider ESG considerations

  • Embed wider ESG considerations into transition planning approach.
  • Strategically implement ESG initiatives into transition plan.
  • Horizon scanning to address climate risks and impacts on workers and communities.
Levers and tipping points
  • Leverage existing government incentives for
    a clean transition.
  • Develop infrastructure for business model innovation, e.g., development of sustainable fuels.
  • Develop adaptation strategies addressing long- term climate change.
Metrics & targets
  • Set ambitious medium
    term targets aligned to a 1.5 degree scenario.
  • Refine metrics as data availability evolves.

  • Scenario analysis impacts of physical risks of climate change on business operations.
  • Ensure that the Net Zero target includes emissions beyond Scope 1 & 2.

Dive into our thinking:

Next steps to energy transition

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Drilling Down

Challenges and opportunities of the energy transition

Meet our team

Image of Brad Stansberry
Brad Stansberry
Partner, Energy and Chemicals Advisory Leader, KPMG US

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