If the oil and gas industry wishes to come close to achieving its net-zero targets, the relationship forged with policymakers will be critical to that transition, according to Elena Belletti, Wood Mackenzie’s head of carbon research.

“Open discussion is really important,” she said. “Because the government sets the ambitions and targets in place, and it has to identify the areas where companies might need additional support for these opportunities to become economic… decarbonization is not really possible without the energy industry being onboard fully and proactively.”

Energy companies, she added, have a big opportunity to decarbonize but it will depend on both the sector’s ability to remain practical about decarbonizing sustainably and efficiently, and transparency from the government about carbon policies.

“In order to decarbonize effectively, companies need to be ambitious but also realistic about their plans and they need to use all tools available to them,” she said.

During this interview, Belletti shared her outlook on the carbon management space and why she sees the growth of compliance and voluntary markets being instrumental to achieving net-zero targets.

Jump to Topic:

  • 0:56 - Impact of COP26 Summit agreement
  • 3:48 - Expansion of compliance and voluntary markets
  • 8:20 - Low-carbon tools and techniques to be successful
  • 12:35 - Policies shaping carbon management space
  • 16:03 - Carbon pricing and taxation
  • 20:15 - Working with the U.N.
  • 22:45 - Plans for Wood Mackenzie