Energy transition – you may have heard about this megatrend, but what does it really mean? Sydney Wyatt, chief commercial officer of Honeywell Energy & Sustainability Solutions, and Daniel Yergin, vice chairman of S&P Global and chairman of S&P Global’s CERAWeek conference, recently shared their insights on this topic.
From the complexities of the role of technology and adding new energy sources in shaping the energy landscape, they covered the potential changes and opportunities ahead.
Here are a few highlights from the interview:
The Key to Energy Security is Technology Innovation and Adoption
"Energy transition is not a transition, it’s an evolution – and it’s an energy addition,” Yergin said. He traced the beginning of this shift to the transition of coal replacing wood in iron production – highlighting that transitions like this unfold over centuries, not decades. This long-term perspective is crucial for understanding this megatrend in today's energy landscape. It involves multiple layers and even requires a layered approach. Yergin added that policymakers must be open to various energy sources and technologies to meet future demands.
Yergin is an advocate for the role of technology in shaping the energy future. “The heart of energy evolution is technology,” he said, and highlighted the importance of government support for basic science and the commercialization efforts of companies like Honeywell. Future-critical technologies include carbon capture, hydrogen and biofuels.
LNG: Fueling the Future
“Liquified Natural Gas (LNG) is a fuel not only of the present, but definitely a fuel of the future,” he said. He shared findings from a recent study with the U.S. Chamber of Commerce, noting that the United States has gone from zero LNG exports a decade ago to becoming the world’s largest exporter.
Read more: Liquefied Natural Gas: What to Know & Why It’s Important
LNG supports around 400,000 U.S. jobs and is projected to grow 50–60% by 2040, Yergin said. This growth underscores LNG's potential to drive economic growth and enhance energy security.
Want to dive deeper into energy transition and innovation? Watch the full interview above to explore insights from industry leaders on shaping the future of energy.
Learn more about the latest technology trends in the energy sector and download our eBook, "Strategies to Strengthen Global Energy Security.”
