Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Energy and sustainability sessions forUnited NationsBureau of International RecyclingAVEVAAditya Birla GroupSUEZAZ China
Featured inBloombergThe Wall Street JournalThe Telegraph
The host's verdict
A really inspirational and enlightening presentation.
Nick Cochrane-Dyet MBE, BP (ADIPEC)
Matthew was asked to give the keynote on both days of ADIPEC, the world's largest energy conference, which draws over 100,000 energy professionals to Abu Dhabi every year, and was enrolled as an honorary member of the Middle East Energy Club. He followed up with fireside chats and interviews on the future of everything from energy and sustainability to the technologies available today to solve pressing problems such as famine, water scarcity and wealth inequality.
The main focus was how the traditional oil and gas ecosystem, and its giants, could reinvent themselves for a world powered not by fossil fuels but by clean alternatives: ammonia, fusion, hydro, hydrogen, nuclear, solar and wind, along with battery systems of every size.
"Today there are no startups that could rapidly stand up a 10GW wind farm in the ocean, but the oil majors can."Matthew Griffin, Abu Dhabi, February 2022
From the outside the energy transition can look slow, even with over a trillion watts of renewables installed. Matthew's view from the event was that everything is in flux, with companies from startups to the oil majors rewiring their cultures and investing in new operating models and technologies. Investment in new oil and gas projects fell from over $750 Billion in 2010 to $250 Billion in 2020, while the previous year saw a record of over 250GW of new renewable capacity come online against 64GW of new fossil fuel capacity.
He closed with an uncomfortable truth. As Greta Thunberg rightly demands, the world must move from the old energy system to the new one as quickly as possible. But no startup today could rapidly stand up a 10GW wind farm in the ocean, and the oil majors can. A fast transition needs the companies that helped create the problem, their equipment and their expertise, which means increasing investment in them.
311 Intelligence
What this means for your leadership team
Speed depends on scale.
The transition can look slow from outside, even with over a trillion watts of renewables installed. Yet the numbers moved. Over 250GW of new renewable capacity arrived in a year, against 64GW of new fossil fuel capacity.
Incumbents hold the delivery capacity.
No startup today could rapidly stand up a 10GW wind farm in the ocean, but the oil majors can. Leaders should treat their equipment, expertise and capital as part of the solution, not only as part of the problem.
Investment is already shifting.
Investment in new oil and gas projects fell between 2010 and 2020 while companies rewired their cultures and operating models. Organisations still planning around the old system risk being behind a shift that is already under way.
Three questions for your next leadership meeting
Which of our partners can deliver clean energy at real scale?
Are our operating model and culture ready for non-fossil power?
Which clean fuels belong on our watch list now?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
What does the Future of Energy 2040 session mean for organisations?
It means a fast transition will rely on large incumbents as well as new entrants. Organisations should review their partners, their investment plans and their operating models against a world that runs on clean power.
How does the Green Energy Transition relate to this session?
It is the core theme. Renewables now out-generate coal, and the session shows why the shift needs the scale of established energy companies to keep its pace.
How do Energy Islands relate to this session?
Energy Islands aim to link offshore wind across countries. They point to the kind of very large ocean projects the oil majors are able to build, though costs are slowing current plans.
How can 311 brief our leadership team on this?
Through a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Megatrends and microtrends, mapped in one codex.
The codex explores the hundreds of megatrends and microtrends shaping the world, including the shifts behind the energy transition Matthew described at ADIPEC.
