Engineering the Right Future Imperial College, London 16th November 2010
“ Engineering the Right Future”
Iain Conn Chief Executive BP Refining & Marketing Newitt Lecture 2010
16th November, 2010
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Introduction
Good evening, ladies and gentlemen. It’s a pleasure and a privilege to be with you this evening. In fact, it’s special for me as it illuminates for me three important commendations. First, I realize it’s now more than 25 years since I was one of you – preparing to graduate from Imperial College as a chemical engineer and to make my way in the world. Second, a recognition of how in the intervening quarter century the world has changed – not just of the amount of change, but of the sheer acceleration of change. And third, I reflect on how engineering and applied science have become central to change. Indeed, it strikes me that the more complex the challenges facing the world become, the more pivotal engineering is to the search for solutions. That is the essence of what I want to talk about tonight – engineering as a vocation and as a part of the answer to big questions which need to be answered. If we don’t find answers, the World will be a much more challenging and dangerous place. If we do find answers, decades and potentially centuries of future prosperity become possible. I’m talking especially about energy where engineering is crucial. The future is never guaranteed, and engineering the right future today is an imperative for all of us.
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Engineering solutions
Herbert Hoover, a renowned engineer who went on to become a much-maligned President of the United States, had an inspiring way of talking about what he called this “great profession”: “There is the satisfaction of watching a figment of the imagination emerge through the aid of science to a plan on paper. Then it moves to realization in stone or metal or energy. Then it brings homes to men or women. Then it elevates the standard of living and adds to the comfort of life. This is the engineer’s high privilege.” That is certainly an accurate account but I’m not sure it’s completely adequate. I don’t think it quite captures the key role that engineering has to play in addressing some of the most important issues concerning our future on this planet. That’s the potential of your position as our next generation of engineers, and why you should feel truly excited about what lies ahead for you. The question is how you can play that role and fulfill that potential to best effect. I believe the answer lies in realizing that engineering does not exist in isolation. It needs to work in close conjunction with policy and politics on the one hand and with business on the other. It needs to connect with the worlds of ideas and practical commerce and to face up to real choices.
It needs to understand the magnitude of what is at stake. Churchill put it in characteristically stark terms in June 1940 as he contemplated what at the time seemed a catastrophic future for mankind. If Britain failed to halt Hitler, he said: “The whole world will sink into the abyss of a new Dark Age made more sinister and perhaps more protracted by the lights of perverted science.” Science in the service of evil could enslave mankind. But what of applied science in the service of the good – in the cause of averting catastrophe? I’m an optimist and, I like to think, a pragmatist. The two don’t always go together. In the matter of engineering the right future for mankind in the 21st Century, they have to. The alternative is not an encouraging one.
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BP and the Gulf of Mexico oil spill
Deepwater Horizon Incident
As I said, I will illustrate this by talking about the field I know best, the energy business. I’ll start with recent events involving the company I have worked for since leaving Imperial in 1985, BP. Just under seven months ago, a drilling rig working on the Macondo well in the deep waters of the Gulf of Mexico exploded, caught fire and sank. Tragically, 11 men lost their lives. And for 87 days thereafter, oil and gas continued to pour from the wellhead 5,000 feet below the surface, with the significant consequences you have all read about and seen on TV. Everyone at BP is devastated by what has happened – the distress of families over lost loved ones, the damage to livelihoods and the environment along the Gulf coast. We are doing everything in our power to meet our commitments to make it right. And we have stated our determination to learn and share the lessons from this disaster for the future. But I want to also talk this evening about the wider significance of this event, because it goes to the very heart of two key issues involving energy and engineering. There was a good reason why the Macondo well was being drilled in the first place. It’s because the world badly needs the oil and gas that reside beneath the seabed of the Gulf of Mexico, the Atlantic and other oceans in order to meet inexorably growing energy demand. The majority of world oil reserves are to be found in OPEC countries. However, even if OPEC did not restrain supply, the demand for oil continues to rise and in order to replace depleted reserves and supply that growth, it is still projected that many new sources of oil and gas are presently required. So the international energy industry is having to explore in ever more far-flung and difficult places including the frontiers of the deep seas and oceans.
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These frontiers now include the deep waters of the Gulf of Mexico, where BP is the largest producer and largest lease-holder, the Atlantic offshore Angola and Brazil, the Mediterranean off Libya and Egypt and the South China Sea. In the next few years the frontiers will extend into the Arctic, north of Canada and Russia. Deepwater oil accounts for around 7 per cent of global supplies today, and is projected to grow to 9 per cent in 2020. For the US, the Gulf of Mexico currently supplies 30 per cent of all domestic oil production. Last year, it was the fastest growing oil province in the world. The second issue raised by the Macondo disaster concerns management of risk and safety in the energy industry. The world needs oil and gas exploration production to be as safe and secure as possible. Clearly what happened in the Gulf in April was a significant failure. It involved many companies and failures of equipment, processes and human judgement. A lot of this is about engineering, which is central to achieving delivery of new resources, the management of risk, and the judgements we have to make around it. Exploring for and producing oil and gas in the deep waters is difficult – the work that only a very few large companies with essential technology and engineering skills can carry out.
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It’s a central part of what we at BP do for a living. That’s why the response to what happened in the Gulf this year matters so much. It is of vital strategic importance that we, the rest of our industry and the governments who partner with and oversee us learn and apply the lessons from this accident to make the deep water safer. The Macondo explosion and subsequent spill was a terrible sequence of events that never should have happened. But it would be another disaster, in my view, if BP and the industry were to fail to learn the lessons and improve. The world cannot afford not to keep drilling in the deep water. And it certainly cannot afford another accident like this one. How to keep delivering oil and gas at these difficult frontiers is one of the those very big questions I referred to at the start of my remarks, to which engineering holds the key.
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The energy challenge
The energy challenge
Let me stand back now and address the big energy picture. Energy is, of course, pivotal to our future. A reliable supply of affordable energy drove the industrial revolutions in Europe and America and it’s now doing the same in Asia and other parts of the developing world. Without energy mankind loses heat, light and mobility. Without enough energy Europe and America cannot sustain the current standards of living – although we clearly can do so much more efficiently. And without enough energy the big developing nations – especially the twin giants of China and India – can never attain the living standards they believe are also their right. Let’s be clear about what this means. The world’s needs for primary energy are expected to grow by 40 per cent between now and 2030, thanks to growth and urbanization in the emerging markets. Meeting that demand will require investments of $25 – 30 trillion – more than $1 trillion per year for the next 20 years. And it’s not just a question of meeting growing demand. We have to do so without destroying the environment – which involves reducing energy use and carbon emissions per unit of GDP. At present, the trends for both are pointing in the opposite direction.
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Key drivers: demand and supply
Key Drivers of the Energy Future are Linked
Demand Growth
Supply Challenges
Energy Policy & Technology
Environmental Constraints
Security of Supply
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When I last spoke to an engineering audience at Imperial, it was to the Engineering and Physical Sciences Schools in October 2005. Reading over that speech again the other day, I had to smile at my reaction to a dramatic rise in oil prices above $40 a barrel. Now I realise why my earlier career with BP as an oil trader was relatively short-lived! But in the main thrust of my speech I postulated four key factors shaping the future of energy. Namely the growth of demand, the challenges of supply, energy security and the environmental imperative. I argued that engineering and technology were central to the solution set which resolves all four. Let’s have a look at what has happened in the intervening five years. The headline is that the four key drivers have not changed. But if anything, they have come more sharply into focus – and so have the risks that the world could in one way or another fail to meet the energy challenge.
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In our base case, global energy consumption growth is driven by the rapidly developing non-OECD economies …
Mboe/d
400 350 300 250 200 150 100 50 0 2000 2010 2020 2030
OECD Non-OECD
400 350 300 250 200 150 100 50 0 2000 2010 2020 2030
Renewables Hydro Nuclear Coal Gas Biofuels Oil
The Essay on Supply and Demand 8
Especially when demand surges unexpectedly, as in 2004, OPEC decisions on whether to increase supply to meet demand can have a significant impact on the world crude oil prices” (Federal Trade Commission, 2005) . When the demand increases, OPEC countries can’t increase the quantity supplied because that will make the oil reserves go out soon. In addition, they also have quotes in place. There are, ...
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Take demand growth. The facts are startling. We’ve just come through the world’s worst recession since WW2. The banking system came perilously close to collapse. Many jobs have been lost across the industrial world and governments are severely cutting back state spending. And what of energy demand? It’s growing again. BP expects global oil consumption to rise by 1.6 Mb/d this year, which will be the largest increase since 2004. This reflects a stronger than expected rebound from recession in the industrial world and also strong demand from China. And while demand for oil in the OECD can be expected soon to resume its structural decline, the expectation in China and other key developing nations is for further strong demand growth stretching over decades, thanks to the huge structural transformation taking place in their economies. What’s also evident is that the world needs that growth. We are moving closer to the point at which growth in the developing economies becomes a motor for the global economy. After the recent economic scare, it is clearer than ever that our continued prosperity is intertwined with theirs. The figures show how central the emerging markets have become to the energy story.
Measured at market exchange rates, the contribution to global growth of non-OECD economies has grown from about 15 percent in the early 1990s to 50 percent today. But their share of growth in global energy consumption is now as much as 90 – nine-zero – percent. You can see this on the left hand side of this chart. You can also see that unless we fundamentally change something, this growth will require growth in all supply sources and worryingly a lot will have to come from coal. The basic conclusion from all this is that the world is going to need all the energy it can lay its hands on at least for the medium term – from the widest range of geographical and material sources – and all sources of energy will have to be delivered as efficiently as possible if we are to avoid the economic consequences of rising energy prices. Renewables will grow quickly, but from a relatively low base, while nuclear’s share will grow, but only slowly, because existing fleets need to be replaced first. Biofuels is an exciting area and will grow rapidly but probably only to 5 – 10% of liquid fuel volumes globally. Oil and gas will thus remain indispensable to energy supply over the next two decades, while energy not supplied from these sources will be very largely provided by coal.
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Key Drivers of the Energy Future are Linked
Demand Growth
Supply Challenges
Energy Policy & Technology
Environmental Constraints
Security of Supply
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These challenges of supply are certainly not getting any easier. BP estimates that, simply to meet projected oil demand while replacing lost production from mature fields in the next 20 years, the world needs to find 50 million barrels a day of new production, That’s the equivalent of four new Saudi Arabias. As I said in this place five years ago, there’s no reason to panic about this provided we act now in securing new resources while also driving for much better fuel economy. The oil is there to enable us to meet this target. But there is no doubt that finding and producing it – in the deep waters for example – is getting more difficult and more costly.
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Energy security and the environment
Our third driver, energy security, is a sub-set of the supply issue. That, too, is coming into sharper relief as a result of recent economic and geopolitical events. It’s a well-known facet of the oil and gas market that the significant centres of production and of consumption are in different places. As demand continues to rise and supply gets more difficult, energy security is bound to become an increasing concern. It’s certainly the most important energy issue for the US – another reason why the Gulf of Mexico is so sensitive. The significant developments of shale gas supplies in the US may mitigate the security concerns to some extent, for heat and power, but the security issues associated with oil and transport remain acute. The emergence as leading economic players of China and India – neither over-endowed with domestic energy resources – accentuates the point. It has prompted some observers to worry about possible conflict over scarce resources between the major powers. It’s my strong belief that the peaceful rise of China should be respected, not feared. Since we all have a strong interest in China’s continuing success, we also have an important stake in ensuring that China has access to secure and affordable supplies of energy. But we will have to work at it in a spirit of international co-operation and open markets. The fourth and final factor I mentioned is the environmental imperative. Here, too, we have reached an important juncture in the debate about how to avert potentially catastrophic climate change. There is a pretty broad consensus around the world that if we are going to meet growing energy demand without drastically increasing environmental risks, we need to act to curb man-made carbon emissions. The question is how. A little under a year ago, 192 governments gathered at Copenhagen to discuss a new treaty on climate change. Since that conference, it has become conventional to brand it a failure. I beg to differ. In my view it was always highly doubtful that a meeting of that size could produce a comprehensive agreement. But Copenhagen did achieve something important. For the first time, it brought the US and China into a global framework for committed action on climate change. The other thing it did was to underscore the need to stop debating and concentrate on practical action, by jurisdiction, and ideally within a broad framework, but that getting 192 jurisdictions to agree is a step too far. As such, I believe Copenhagen should be seen as the ‘end of the beginning’ in moving from global debate to material action, and therefore it was important. This is a point well worth bearing in mind as the world gears up for the successor conference to Copenhagen, due to take place in a month’s time at Cancun. Copenhagen showed that the idea of a grand treaty concluded by “G 192” was beyond our reach. Progress towards a climate deal will be measured by the extent to which the leading jurisdictional powers – notably the “G3” of the US, EU and China – can agree. If these three were at least to align, everyone else in my view would come along. At the heart of the problem is a weak transatlantic relationship between the US and EU in alignment over energy policy. In addition, everyone is chasing after China’s attentions. I hope this will change. I believe the US and EU together hold the key. And in the meantime, there is an urgent need for governments to come up individually with plans to deliver the pledges they have made. There is no longer any excuse for delay.
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Practical energy pathways
Practical Energy Pathways
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Let me try to summarise the story so far. We know the world faces a major challenge over the coming decades in meeting rapidly growing energy demand while avoiding geopolitical conflict and limiting carbon emissions. We are struggling to establish the mechanisms that will reconcile these apparently competing claims. But I would argue we are in a materially better position to do so now than we were five years ago. Why do I say that? Because I think recent experience has given us a better idea of where to focus our efforts, and in what order of priority. A logical and pragmatic sequence for action is emerging. At BP we care a lot about this and we’re in action on a variety of fronts. We may be best known for oil and gas exploration and production and for the manufacture and marketing of products derived from fossil fuels. But we are also significant investors in alternative energy with more than $1 billion a year going into areas such as onshore wind in the US, biofuels, solar power and carbon capture and sequestration. We also work closely with governments on energy policy, having been the first international oil company to acknowledge the need for precautionary action on man-made climate change back in the late 1990s. I am proud, for example, of the role BP played in helping bring the European Union’s emissions trading system into being several years ago, and of the more recent work we have been doing to help Chinese policy-makers develop their thinking about energy and to fund energy research and innovation there. In the past couple of years, we have done a lot of detailed thinking about the pathways towards a lower-carbon future, focusing like good engineers on practical, material and deliverable choices that can be made now. I’d like to share with you our thinking in two critical areas – those relating to transport and power generation.
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Transport pathways
The lowest cost route to reduced light vehicle carbon emissions is based on more efficient gasoline engines…
Average medium sized car
5,000
10,000
BP Source
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Let’s look first at vehicle transport. The chart shows declining CO2 per km driven versus the purchase cost of vehicles with new technology relative to conventional gasoline cars today. The key is to distinguish between near-term and longer-term options. In the longer-term, battery electric vehicles will indeed play a part in vehicle transport, and their development must be encouraged from today, but we will need much higher availability of decarbonised grid electricity to deliver full CO2 reduction potential. In the shorter term, by far the most effective pathway to lower carbon transport is to make existing vehicle engines more efficient. There are major gains to be obtained from advanced gasoline engine technology in particular. Combined with step by step hybridisation, we can see the potential for nearly halving CO2 emissions per km at a much lower cost than for a battery electric vehicle.
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Biofuels are compatible with liquid fuelled vehicle efficiency improvements and can further reduce CO2 emissions…
BP Source
When such a vehicle pathway is combined with the use of sustainable biofuels, it becomes even more effective in reducing CO2 from transport. For this reason, BP is already investing heavily in the global supply of sustainable and CO2 efficient sugar cane and ligno-cellulosic based gasoline components. This is potentially one of the most exciting aspects of our business for the future. It shows us chemical engineers a new frontier, where thermochemical processing of hydrocarbons – the thing that has been central to what we do for 70 years – meets bio-engineering and biomass conversion. It’s about fungibility of fuels in the cause of curbing carbon. The molecules will be similar to those we produce from prehistoric fossil deposits under ground, but they can be produced in different and more sustainable ways. The CO2 absorbed by the plant matter which made our oil and gas has been “banked” already. The new molecules must come with associated mitigations in parallel. Energy efficiency in transport is absolutely key. In theory the fuel economy of the World’s “car park” could be doubled today with existing technology. We are working closely with the leading OEMs to create fuels and lubricants to enable much more efficient internal combustion engines in the medium term. Transport is important to get right – it accounts for about 20% of global GHG emissions. The most efficient pathway for transport is clear and can be pursued today. Governments must have the courage to enable it to happen.
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Power pathways
Power Pathways
Let’s turn now to pathways for lower carbon electrical power generation. Economic growth in the developing economies will demand huge additions of global electrical power capacity by 2030. The types of capacity installed will impact energy security and CO2 emissions to 2050 and beyond. If we make the wrong decisions now, we are locked in to the consequences for a long time to come. There’s a small number of really material things which can be done. The first and most important, again, is energy efficiency, in power generation, consumption and grid transmission and balancing. Then comes the use of more natural gas, together with nuclear in some jurisdictions and the potential use of carbon capture and storage for some coal applications. Renewable sources will also play a growing role and must be supported strongly, but we need to be realistic. Even at very fast growth rates, renewable energies cannot provide the scale of capacity additions needed on a global basis with the required level of certainty until 2030 and beyond.
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New gas-fired power capacity is lower carbon, more efficient, cheaper and quicker to build than coal (with and without CCS)…
Technology Key: SCGT =Single Cycle Gas Turbine CCGT =Combined Cycle Gas Turbine CCS =Carbon Capture & Storage LCOE =levelised cost of electricity HHV = Higher Heating Value efficiency measure Overnight Capex = all capital expenditure for build & installation up to opening
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Why are we so clear in putting natural gas at the top of the list of supply options? The answer is that natural gas in power generation is four times as cost efficient compared with coal, producing around half the CO2 emissions of coal at less than half of the capital cost. And, in addition, the flexibility of gas fired plant can be very effective in complementing the natural intermittency of wind and solar power operations. You can see this on the chart – the kg of CO2 per MWH for CCGT is about half that for super-critical coal, and the levellised capital cost per kW is also about half. On this basis we firmly believe that natural gas should be seen both as a preferred transition fuel to a lower carbon economy and as a fundamentally advantaged energy supply option in its own right. What’s more, it is in abundantly plentiful supply. Globally, there are gas reserves in place equivalent to 60 years worth of consumption at current rates – and they’re rising rapidly as technology unlocks vast new unconventional gas resources. And a global market is rapidly developing as large volumes of liquefied natural gas come on stream, adding to supply and price competition.
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Energy Policy
Energy policy
So those are two practical pathways towards meeting higher energy demand with lower carbon emissions. They have a logic and pragmatism about them that ought to appeal to engineers. I’ll now round off the picture by briefly addressing the vital missing ingredient: energy policy. We need the right policies to promote progressive and effective transport and power generation pathways across the whole economy. During my time as a leader at BP, I have had the privilege of consulting with and advising governments around the world on this subject – for example, as a member of the EU’s High-Level Group on Energy, the Environment and Competitiveness and as a regular visitor to official corridors in Washington and Beijing. It’s actually one of the most stimulating and exciting aspects of my job. And as I travel the world engaging in these discussions, I am struck by two big impressions. First, how much common ground between governments there is on what needs to be done. I have concluded that the leading economic powers are all grappling in their own way with the same eight key imperatives – four that sound relatively easy, four that are inherently more difficult.
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Specific Areas of Action
Encouraging competition Energy efficiency programmes Energy R,D+D Education and communication Enabling reliable CO2 price signals Transitional incentives Targeted regulatory action International tax and trade mechanisms
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The supposedly easy ones are encouraging competition in existing markets, boosting energy efficiency, fostering energy R, D and D and educating the public about the issues. In the difficult category are enabling reliable economy-wide carbon price signals, creating transitional incentives for key new technologies; setting the right framework for targeted regulatory action; such as for fuel economy and specifications and establishing the right international mechanisms for taxation and trade in energy. The second thing that strikes me is how difficult governments are finding even the relatively easy tasks on the list. I am not under any illusion that this is going to change rapidly. Governments everywhere are struggling with sluggish economic growth and budget consolidation. They do not have cash to spare for new initiatives without immediate political appeal. This is a major challenge. Energy efficiency programmes, for example, ought to be an obvious win-win. But they rarely come high on politicians’ priority lists and if they do, traction at scale appears to elude us. The UK Coalition Government is making a material effort here, which I applaud. When it comes to the vital task of public education – that is to say generating public acceptance for action to deal with the energy challenge – political leaders too often try to gloss over the extra costs to society this will entail or focus on headline-grabbing initiatives that do little to solve the problem. Frequently it seems that the long time-scales involved in energy policy-making are out of sync with the electoral timetable. But the fact that all this is difficult does not mean that it is not worth doing. On the contrary. Now more than ever, given our straitened economic circumstances, we need policies that encourage energy efficiency and serve to reduce energy use per unit of GDP. We need policies that foster efficient markets, which are the key to effective resource allocation and the delivery of quality goods and services at the lowest cost to society. We need policies that support innovation, energy research and development.
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We need reliable and effective price signals on CO2. A carbon price is indispensable to an effective energy and climate policy. A credible carbon price – whether established via cap-andtrade systems, through taxation or by regulation – will drive energy conservation and make lower carbon energy choices more cost competitive and more rapidly adopted, and new technologies more rapidly developed.
Policy into practice
The most important point I want to make is that what I have outlined here are not esoteric or abstract questions for debate in some rarefied world of policy. As I have tried to demonstrate, they are immensely practical issues. They are closely inter-linked. And they are all part of what is very much a common challenge for mankind, requiring material action now. Take the challenge of meeting the growing needs for economic growth while curbing carbon emissions. If we are successful, these are not necessarily contradictory aims, but could be complementary ones. As the International Energy Agency argues, curbing energy demand is good for the climate, but it is also good for maintaining affordable energy supplies. Conversely, a failure to act on carbon emissions by boosting energy efficiency will not only increase the risks to the planet but also drive oil prices considerably higher than they would otherwise be. Likewise, there must not be an inherent contradiction between meeting the growing energy needs of the rapidly expanding Chinese economy on the one hand and the global environmental imperative on the other.
It is Beijing’s stated objective to quadruple the size of its economy while only doubling its carbon footprint. And as you would expect from a country whose leaders include a number of highlyqualified engineers and where there are six times as many engineering majors as in the US, it is developing extremely detailed and methodical plans to attain this goal over the next 20 years. But my point is that it is in everyone’s interest to help China get there by reducing the energy intensity of its economy. The global economy needs Chinese growth, and I believe the international energy industry has an important contribution to make to it. This is not just a matter of selling products or establishing investments, but of assisting with research and development and transferring technology. Clean coal technology, for example, to help reduce carbon emissions as China exploits its wealth of domestic coal deposits, specialized techniques to unlock unconventional gas reserves and blue-skies research collaboration with Chinese academic institutions. BP is working on initiatives in all these areas with our Chinese partners.
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Conclusion
This brings me back to where I started – the role of engineering in finding solutions to some of our biggest problems, and in charting the right energy future for the world. Not addressing these issues could potentially be unthinkable. We do not wish to, nor can entertain the possibility that we might, engineer the wrong future. In the last 40 minutes I have tried to describe the challenges for all of us in meeting growing energy demand in a secure and environmentally sustainable way and in a manner which permits healthy economic growth for decades to come. Addressing these issues is central to geopolitics, technological progress and our economic future. They are challenges for policy-makers and political leaders, for private-sector companies and for professional specialists such as engineers. And the danger is clear. If we fail to meet these challenges, we will not secure the affordable energy the world needs to continue on the path of peaceful economic growth. It will be facing conflict and the potential for environmental damage and economic chaos. The argument I want to leave you with is that the key to meeting these challenges is collaboration. Co-operation between nations to chart policy courses that are aligned and not in conflict – partnership, not protectionism. Close consultation between private and public sectors to create a stable and predictable environment for investment. And at the heart of it all, I would add, the discipline and skills of engineers. Engineering is the practical vocation that makes things happen. Its practitioners are optimists who seek solutions and are confident they can be found. We are also realists who abhor abstraction and rigorous planners with a strong sense of discipline. Engineers don’t just work on physical implementation of industrial projects. Some also use their practical knowledge to help Governments understand choices and the most effective means to get things done. Engineers also help to inform public opinion by illuminating what can be done and bringing to life the sense of what is possible, a hugely important motivator for all of us. Engineering is also a tremendous training of the mind which lends itself very well to running businesses, large and small. For the last 25 years I have had the pleasure of using my engineering discipline in all of these ways, of leading important industrial activities in a major company and of advising governments on policy. And I can tell you the world has yet to come up with a more powerful or effective combination than that of purposeful government, well-run industrial companies and world-class engineers. In this ideal world, government sets the long-range framework. Companies foster technology, enable projects and deliver outcomes. Engineers materially inform policy choices, are central to delivery of the resulting decisions, and are core to the creation of economic prosperity. I hope that is the world you find out there when you graduate from Imperial, and that you will be suitably inspired to make your contribution to engineering the right future, whether in energy or elsewhere. Thank you very much for listening. I will now be happy to take your questions.
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Q&A
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