Baker Hughes CEO Shares Energy Transition Truths

NEW YORK—Hopes are high on the ability of carbon capture, hydrogen and other technologies to move the world closer to net-zero goals, but there is also low-hanging fruit within reach, according to the CEO of a global energy technology company.

“Efficiency is the unsung hero of reducing global emissions,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes Co. “According to the IEA [International Energy Agency], if today’s oil and gas operations were 10% more efficient, we would save approximately 500,000 tons of CO₂ per year.”

Energy efficiency was one of the three “undeniable truths about the energy transition” that Simonelli focused on during Reuters’ recent Global Energy Transition Conference. Agreement on these so-called truths—which also include investment and innovation along with partnerships and collaboration—can help accelerate moves toward net-zero by 2050 while prioritizing energy security, he said.