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Oil refining will remain relevant despite pressure to reduce fossil fuels and transition to renewable energy in the coming decades.
The refinery market is facing significant challenges as the world moves towards cleaner energy sources. Refineries will need to adapt and invest in more sustainable technologies to reduce their carbon emissions and continue to play a relevant role in supply global energy.
Refining plants, refining shipyards and other refining facilities will have to find ways to become more efficient and environmentally friendly as the world seeks to reduce its dependence on fossil fuels. The transition to renewable energy sources offers challenges but also opportunities for the refining industry to reinvent itself and play a vital role in the planet's energy future.
Refineries and Climate Change
According to the International Energy Agency (IEA), fuel consumption fossils, like diesel and gasoline, for example, has not yet reached its peak, which should occur in 2026.
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As demand is not falling, but climate change imposes an effort to cut greenhouse gas emissions, it becomes even more important to reduce the carbon intensity of oil refining and fuel production.
Find out how this is possible and what has been done in Brazil.
- When will the world stop using fossil fuels?
- Why not end fossil production altogether?
- How do refineries decide what to do to reduce environmental impacts?
- What is already underway in Brazil
- What can still be done
- To what extent is it possible to decarbonize traditional oil refining?
- How will this industry adapt in the long term?
Energy Transition and Environmental Commitments
At the last United Nations Climate Change Conference (COP28), in Dubai, the countries' final declaration was the first to include a 'transition away' fossil fuels, but did not bring any specific target for eliminating the use of coal, oil and gas.
Most countries still do not have a clear goal for the end of the use of these products and prefer to focus on seeking to achieve net zero emissions, which does not necessarily mean the end of fossil fuels, as it opens up space for emissions to continue, as long as compensated.
Brazil, for example, aims to achieve net neutral emissions by 2050. As part of Brazil's contribution to the Paris Agreement, it is foreseen the increase in the share of bioenergy in the energy matrix to 18% by 2030, the year in which the country expects achieve an estimated share of 45% of renewable energy in the matrix.
In other words, there is still no concrete perspective for ending the use of fossil fuels in the coming decades.
As demand continues to exist, failing to produce fuels without replacing them with another energy source will create shortages and increase prices.
Reducing the supply of products such as diesel, gasoline and liquefied petroleum gas (LPG) without other alternatives being available on the same scale can lead to an increase in inflation and energy poverty.
Source: EPBR
