Social Network Drivers
I agree  that incremental social change is where attention should be directed – a great example, particularly for fans of A-Ha, reported by BBC News today: https://www.bbc.co.uk/news/uk-scotland-63375504

Energy Sector Biggest Risk

The transition risk of moving quickly enough to de-risk revenues associated with oil and gas in developed countries despite the short-term spike in demand.

In the UK for example it feels like a critical mass has been reached for a social tipping point towards climate consciousness/activism, which is perhaps even likely to drive a policy tipping point preventing new exploration.

For O&G companies this would reduce revenue but could also precipitate the collapse of expertise hubs (such as in Aberdeen). Alternative business models are needed rapidly.

Opportunity

Applying the oil and gas capabilities for rapid technological innovation to other sectors’ decarbonisation attempts – particularly heavy industry and sectors dependent on effective demand management – could be significant commercial opportunities for existing skillsets.

This requires innovative and bold-thinking leadership to embrace sectoral convergence and collaborations (see https://www.reuters.com/business/environment/bhp-group-arcelormittal-trial-carbon-capture-europe-us-steel-plants-2022-10-27/)

–Callum White, UK