Rationale
We are all responsible for the changes in our climate. To avert catastrophic events caused by climate change, the Paris Agreement was created to gain a global consensus to reduce greenhouse gas (GHG) emissions to keep global average temperatures well below 2°C to pursue efforts to achieve 1.5°C above pre-industrial levels by 2050. Therefore, there is an urgency for our society to change the ways we operate and use our resources - and we need to act now!
According to the World Resource Institute, over two-thirds of all global GHG emissions result from energy production and usage. Therefore, the transition towards sustainable green energy plays a vital role in the mission to reduce emissions. In this sense, sustainability is not only looking towards future solutions, but also our heritage from past investments. Furthermore, the required transition can positively change industries outlook because it reduces carbon footprint, improves portfolio flexibility, and creates and/or retains staff.
Problem Statement
To achieve the necessary GHG levels by 2050, energy companies are under high pressure with great responsibility to achieve net-zero goals. As the energy industry strives to rapidly move toward a low carbon economy, O&G companies need to make transitions quickly and sustainably to be part of the solution and remain in the energy market.
To make an effective transition possible, finding the most efficient path to achieve net-zero levels, both collectively as an industry and individually will be necessary. Companies can ease into this transition by diversifying their portfolio with low carbon fuels, carbon management, and renewables that align closely with their current expertise and infrastructure. This approach will help to achieve net-zero quickly and more sustainably with job creation and positive economic results.
Challenge
Develop (proof of concept to prototype level) innovative sustainable solution(s) to help create one integrated energy ecosystem by identifying synergies along the value chains of the Oil & Gas and Renewable sectors. Solutions will leverage knowledge, technologies, and assets already established to accelerate the energy transition to reduce unnecessary waste and redundancies of skills, knowledge, and resources.
The results of the hackathon will support Energy companies in their journey to reach net-zero more quickly and strengthen their market position as we transition into a combined and integrated sustainable energy ecosystem.
Goals
The goals of this challenge are:
- To produce effective results that will support O&G companies to diversify their portfolio into cleaner energy solutions and make the process to transition more comfortable as solutions stem from their core competencies
- Accelerate innovative solutions to reach the market quickly.
- Be a powerful and supportive environment where knowledge can be shared, connections can be made, and new ideas can flourish.
Event Overview
Transformathon’s specially curated platform suite promotes a high degree of direct networking between international delegates and companies providing a more “natural” experience. The platform also facilitates efficient collaboration, communication, and teamwork between participants to ensure meaningful results.
