Speaking in Washington, D.C. at the Semafor World Economy Summit, the vice chairman of Chevron, Mark Nelson, spoke about meeting the world’s increasing energy demand.
Nelson told CEOs and policymakers from around the world that energy solutions with lower carbon emissions were being developed in multiple industries. Nevertheless, some 750 million people still lack any access to electricity. What is more, he emphasised that by 2050, the world will need 10% more energy. Nelson said it was it was critical to work on meeting this demand, so the next generation can access energy.
Nelson said Chevron, which also markets Texaco grease and lubricant products in the UK, is doing its bit to make this happen as cleanly as possible:
“We’re growing domestic production. We’re operating more efficiently. We’ve reduced our methane [emissions] by over 50% in roughly the past decade, and we’re leaning into areas where lower carbon solutions can exist. Planning for the future is a necessity.”
Nelson also said that while it was important to supply energy responsibly today, the future energy system also needs to be developed simultaneously. It was not an option to choose one or the other.
A balanced approach was critical as well, he said in the form of a:
“…policy that balances economic prosperity, energy security and environmental protection.”
On AI (artificial intelligence), Nelson said that it has implications for the energy sector. While data centres powering AI were adding to the need for affordable, reliable energy, AI was also helping companies supply energy more efficiently.
