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IMechE Singapore Branch is pleased to be a supporting organisation for the Energy Institute who are hosting and moderating this event.

Wood Mackenzie show how, under their accelerated energy transition scenario (AET-2) to 2050, the energy market would be progressively electrified and the most polluting hydrocarbons squeezed out. Prices would come under pressure as demand falls and, in a ‘Copernican revolution’, the traditional relationship between oil and gas prices would be turned upside down.

To be clear, their AET-2 scenario is just that – a scenario – and not their base-case forecast. It envisions how one interpretation of the Paris Agreement could be achieved, based on their fundamental analysis across the natural resource sectors. Even so, the oil and gas industry cannot afford to be complacent.

The risks associated with robust climate-change policy and rapidly changing technology are simply too great. And, as they will show, the implications of a scenario akin to their 2 °C analysis are profound.

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