CEO Eldar Sætre (right) and Mishal Husain at the Statoil Autumn Conference 2014. (Photo: Ole Jørgen Bratland)

"The scale of the climate challenge requires us not only to ask how we can do more, but how we can achieve the most. Climate change doesn’t stop at borders – and neither should our solutions,” says Statoil CEO Eldar Sætre at the Statoil Autumn Conference.

“We need a global approach that stimulates technology innovation,” Sætre continues.

In the 2014 World Energy Outlook the International Energy Agency (IEA) presents “New Policies” as the main scenario. In this scenario global energy demand rises by 37% in the period to 2040.

By 2040, the world’s energy supply mix divides into four almost-equal parts: oil, gas, coal and low-carbon sources.

No matter which direction environmental policies and measures take, an enormous amount of oil and gas investment will still be needed in the years ahead to secure energy supply, according to the IEA.

A full USD 18.5 trillion will be needed in oil and gas investment from 2014-2035 in order to meet the supply needed for the IEA’s “450 Scenario”, which sets out an energy pathway consistent with the goal of limiting the global increase in temperature to 2°C.

“The challenge is formidable. Even in the IEA’s two-degree scenario, the industry must replace four times Saudi Arabia’s production of oil and 10 times Norway’s production of gas just to fight natural decline,” says Sætre.

Tags: Statoil