As Baker Hughes' annual meeting entered its first full day in Florence, Italy, on Monday, Lorenzo Simonelli, the company's chairman, president and chief executive, set what he called an agenda for his company and the industry as a whole to "spur change." Simonelli quipped, "It all starts with people." People-oriented; People in this room, people in the energy industry. ”
He continued, "How do we inspire change? Shift from navigating to inspiring change. Simonelli went on to talk about his participation in the World Economic Forum's Annual Meeting in Davos, Switzerland, earlier this month. At that event, he said, it was the result of a "barometer of trust." Simonelli says this shows that "businesses are most trusted to drive change and innovation." We are in this room, across the industry, most trusted to drive change. ”
Balancing Hydrocarbons with Climate Reality. Simonelli added that in the last 12 months, "we've had several incidents. You've seen it at COP28 that the results show that decarbonization is necessary. This suggests that hydrocarbons will play a role in the coming decades. But at the same time, we need a just and equitable transition on a global scale. How do we do this? With technology and commitment. 2023 was the year with the highest climate change on record. Then, as you can see in Florence, we were all happy, the sun was shining, but the sun was unusual. Climate change is happening. ”
He then talked about today's technology, including artificial intelligence, and how it will be leveraged and how it might impact the energy sector as well as people's daily lives. and the ongoing new energy landscape, which includes CCUS, geothermal, and hydrogen; An evolving energy mix for the future. ”
Three brutal facts. Simonelli went on to describe his company's consistent business philosophy. "At Baker Hughes, we've been holding on to three brutal truths for years. These remain the basis for the energy transition. First, we need to scale up existing technologies to reduce emissions. We need to move faster to the technology that can make an impact today. Second, there will be no use of hydrocarbons in the coming decades. It's not about fuel**, it's about emissions. Natural gas is both a transition fuel and a destination fuel. As we move towards a cleaner energy system, it's important that we continue to advocate for coal alternatives. The third fact is that it will take all of us to work together. ”
Progress by 2030. With so much to say, it's clear that by 2030 "we're going to need to decarbonize." The project needs to have a decarbonization theme. It's not about 2050, it's about the next decade, and what we're doing between now and 2030. "It's very much about sustainable energy development in this decade. What does sustainable energy development mean? This means meeting the growth of our needs without compromising the ability of future generations to meet their needs. Deliver the energy we need today and make it available for future generations. ”
Mature assets. On other related topics, he referred to the use of proven asset solutions to improve the efficiency of existing operations in the field. That need, he said, could be met with a variety of existing technologies offered by Baker Hughes.
The role of natural gas. In addition, Simonelli pointed to his company's "second fact" about the fact that the world still needs hydrocarbons, saying: "Natural gas plays an important role. In fact, natural gas is both a transition fuel and a destination. It remains an important factor in many countries. I am pleased to announce today that Baker Hughes has secured the largest single equipment order in the Kingdom of Saudi Arabia to support their natural gas system. The Kingdom's natural gas development is continuing to access low-emission, cleaner energy. ”
Accusations against Biden's policies in the United States. Simonelli also has some cautious wording about one of Biden's recent energy initiatives in the United States. "Now, some of you may have seen this announcement in the U.S. a few days ago, suspending the issuance of LNG export licenses," he said. We disagree with that. We believe that natural gas is at the heart of the energy mix of the future. We believe it is important to continue to promote and support the replacement of coal by natural gas and LNG in the future. ”
Notably, Simonelli noted earlier in his speech that this year's Baker Hughes Annual Meeting was the largest ever held by the company, with not only its own employees in attendance, but also invited guests and ** in attendance. (Compiled by Xiao Chen).
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