Published on November 9, 2023, 6:55 am
An IDC survey conducted in the Asia-Pacific energy sector has shed light on the progress being made towards net-zero targets. According to the survey, 90.2% of energy companies have set a specific date for their net-zero goals, while 95.2% have established annual targets for reducing carbon dioxide emissions.
While these commitments are praiseworthy, it is essential for energy companies to take concrete steps in operationalizing these goals. This involves adopting new technologies and leveraging data to accurately track and report on emissions. Unfortunately, many companies face challenges in this regard due to the inadequacy of existing infrastructure and siloed legacy systems that make accessing data difficult.
Rakesh Patni, associate research director at IDC Asia/Pacific Energy Insights, emphasizes the need for organizations to assess their strengths and weaknesses and strategically implement new technologies that drive energy efficiency and enhance asset performance.
To help oil and gas organizations achieve operational sustainability, IDC suggests three best practices outlined in their PeerScape report titled “Leveraging Digital Transformation for Sustainable Operations.”
The first practice is migrating to multi-cloud platforms to increase flexibility and scalability. By overcoming silos and moving operations management to cloud platforms, companies can transition towards real-time decision-making processes.
The second practice focuses on driving energy efficiency through site planners and simulation models. This entails quantifying energy consumption, identifying losses, and creating systemwide models that optimize operations.
Lastly, improving asset performance through predictive maintenance capabilities is key. By adopting predictive maintenance strategies instead of reactive ones, companies can improve efficiency and sustainability performance continuously.
It is worth noting that energy companies are well aware of the need to develop new strategies aligned with the global energy transition taking place. Increasing pressure from consumers, shareholders, and government regulations necessitates comprehensive understanding of carbon footprints while reevaluating current policies and practices related to tracking and reporting carbon dioxide emissions.
Ultimately, as organizations strive towards achieving their net-zero targets, embracing new technologies and implementing best practices can pave the way for a more sustainable future in the energy sector.
To learn more about IDC’s insights and recommendations for transforming the energy sector, you can find the full article on FutureCIO.