Conversation With Marga Hoek About Tech For Good, A Growing Business Concept That Includes Oil And Gas.

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Tech for good The Fourth Industrial Revolution is a new book about how technologies can solve big challenges like climate change, biodiversity loss, inequality and poverty. Tech for good It shows how business can apply advanced technologies in a purposeful way while opening new markets and seizing business opportunities.

Packed with 75 real-life business cases from around the world, this inspiring book shows how businesses can integrate technology and sustainability. The purpose of this book is to envision how advanced technologies can drive sustainable development and achieve global goals.

Marga Hoke He is a three-time CEO, Chairman and Board Member. Hoke has been recognized over the years as a global thought leader on sustainable business and capital. She is the author of multiple gold-winning best-selling trail titles New economy business (2014) and Trillion dollar turnover (2018)

Chance Thank you Trillion dollar turnoverThe UN Global Goals highlight the opportunities for business as “must read”. Recognized by Thinkers50 For her international management thinking, Marga Hoek was awarded the In 2014, it created the slogan “Business for Good” with its mission “Business for Good Norm.”

1. What is the Fourth Industrial Revolution? And what are some of the big new technologies here?

The Fourth Industrial Revolution, often referred to as 4IR or Industry 4.0, is a term used to describe an era of rapid technological development that will transform the way we live, work and interact with the world. It builds on previous industrial revolutions, which include steam engines (1st), electricity and mass production (2nd), and the advent of computers and automation (3rd). The fourth industrial revolution is characterized by the convergence of technologies that blur the lines between the physical, digital and biological worlds.

Some of the key technologies and trends related to 4IR include: Artificial Intelligence (AI) and Machine Learning, Blockchain, 3D Printing, Augmented Reality (AR)
) and virtual reality (VR), robotics and automation, quantum computing and the Internet of Things (IoT).

The potential of 4IR to address major global challenges including poverty, climate change, biodiversity loss and inequality is immense.

2. What if any of these new technologies are of interest to the oil and gas industry?

The oil and gas industry can greatly benefit from 4IR technologies to improve operational efficiency, safety and environmental sustainability.

First, renewable energy integration will be a key component as the world transitions to cleaner energy sources. Oil and gas companies can explore opportunities to integrate solar and wind into their operations. These initiatives are further enhanced by advanced technologies. For example, distributed renewable energy blockchain solutions allow underserved communities to reduce their use of fossil fuels and mitigate the impacts of climate change. Blockchain is also a great help when tracking the origin and quality of crude oil and gas products.

In addition, IoT devices can be used to remotely monitor and manage equipment, pipes and facilities. Sensors that provide real-time information on temperature and pressure enable predictive maintenance and reduce power outages. AI and data are being applied to predictive maintenance, reservoir modeling, and optimizing drilling and exploration operations. These machine learning algorithms are analyzing vast data sets that identify patterns, improve decision making and improve security measures. The energy industry generates large amounts of data, and 4IR analytics can help optimize operations, forecast demand, and improve supply chain management.

3. The oil and gas industry has focused on sustainability in certain areas. But isn’t oil and gas extraction inherently unsustainable?

While oil and gas extraction is by definition unsustainable, the oil and gas industry has focused on sustainability in some areas to address some of these challenges.

Environmental protection is one of the more sustainably minded focus points of the industry. Many oil and gas companies have implemented environmental practices to reduce their ecological footprint. This includes reducing pollutant emissions, investing in clean technologies, and implementing programs to restore or protect local ecosystems. The industry has adopted more energy-efficient processes to reduce energy consumption and greenhouse gas emissions in their production, refining and distribution processes. Some forward-looking fossil fuel companies are expanding their portfolios to include renewable energy sources such as wind and solar. This will help transition the industry to clean and sustainable energy options.

4. Energy security is cited as a reason for continued oil and gas productivity, and may need to continue for a long time even as renewable energies grow. How does your book title “Tech for Good” fit in here?

Energy security is important for both business and civil society. And maintaining energy security while transitioning away from oil and gas is a complex but important challenge. The key step is diversifying energy sources – we still need fossil fuels to get through the transition, we need to accelerate innovation to make renewable energy reliable. This includes the use of renewable energy (eg wind, solar, hydro) and natural gas (as a bridge fuel) to reduce dependence on oil and coal. Diversification improves energy security by reducing dependence on a single energy source and improves climate security.

The title of the book “Tech for Good” fits here as a concept for balancing energy security and climate security as the world strives to reduce carbon emissions. Many of the technological innovations in the book can be directly related to energy security. For example, developing advanced energy storage technologies such as large batteries for grid-scale energy storage to store large amounts of energy from renewable sources and ensure stable power supply even when renewable energy generation fluctuates. Advanced biofuels and synthetic fuels that have a low carbon footprint and can replace conventional fossil fuels in aviation, transportation, and heavy industry make sense.

5. Do you have any examples of “tech for good” in the oil and gas industry?

Digital twin technology is highly innovative in creating virtual copies of physical assets, allowing for real-time monitoring and simulation. In the oil and gas industry, this technology makes operations more efficient and environmentally responsible by streamlining operations, reducing downtime and enhancing safety.

We also have carbon capture and storage technology that prevents carbon dioxide emissions from power plants and industrial facilities from entering the atmosphere. This will reduce the carbon footprint of the industry and reduce the impact of greenhouse gases on climate change.

6. What are the “advanced technologies” that attract oil and gas companies interested in “tech for good”?

AI and machine learning models are advanced technologies that improve operations, improve predictive maintenance and improve the efficiency of drilling, exploration and production processes. Similarly, IoT devices and sensors are used to monitor equipment, pipes and facilities, providing real-time information for predictive maintenance and environmental monitoring.

Sensors and remote sensing technologies are employed to monitor and report emissions, air quality and other environmental conditions, enabling better response to environmental events. New technologies such as satellite-based monitoring and drone surveys are being used to detect and reduce methane emissions, a powerful greenhouse gas associated with oil and gas operations.

These represent the commitment to use technologies for environmental and social impact, which is in line with the concept of “tech for good”.

7. The term “social license to operate” is a term used by some to refer to oil and gas companies’ desire to reduce carbon emissions (ie, greenhouse gases). Some companies lean toward climate goals because of the “social license to operate.” Is this an example of “tech for good”?

“Social license to operate” involves supporting a company’s activities in society, but is influenced and enabled by technology, information and environmental awareness. It is an example of “tech for good” in the role that technology and information play in driving responsible corporate strategies and sustainable business practices.

The push to reduce carbon emissions and adopt climate goals is often fueled by increasing access to information. Technological advances such as satellite tracking, remote sensing, and climate modeling provide important insights into the environmental consequences of oil and gas operations. Companies that use advanced software and data analytics are better positioned to measure, report and verify carbon emissions. This information influences stakeholders’ expectations for cleaner and more sustainable practices. This transparency is necessary to obtain and maintain social consent to act with a commitment to environmental responsibility.

8. If you could pick one business case from your book “Tech for Good” about how the fossil fuel industry is integrating advanced technologies, what would it be?

CarbonTech is an exciting area of ​​development in materials science with economic and environmental benefits. Carbofix, a startup in Iceland, captures and permanently removes CO2 by mimicking a natural process. CO2 dissolves in water and interacts with reactive rock formations such as basalts to form stable minerals in a permanent and reliable carbon sink.

Global storage capacity exceeds emissions from burning all fossil fuels on Earth. In addition, it is a technology that can be scaled with low cost and environmentally friendly measures.

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