Obsolescence is coming fast and in a fury!
FEBRUARY 2021
The world entered a new era of accelerated transformation in the last 18 months that will continue to evolve and press forward for years to come. Most businesses are playing catch up trying to make sense of a new timeline where the 10 years that had been set aside for careful planning and implementation of what was coming up next no longer exists. The next is happening now and, regardless of your industry or seniority, the status-quo shifted and you better face it.
Back in 2019, I was invited to attend a pompous meeting in London at the Brazilian Embassy along with selected leading names from the oil and energy industry to get an update on what was going to happen in the following decade. I could soon spot all the buzz words coming up on PowerPoint slides from the different companies presenting: decommissioning, decarbonisation, zero emissions, transition to green energy. Throughout the morning and most of the afternoon, we heard that most of these changes would kick in between 2030-35. And I recall a Shell executive pointing out that the business had explicitly concluded that the current income streams were needed to provide the capital required for the transition to take place in due course.
Whomever you talk to in the energy industry in 2021 would tell you to forget about that timeline. Change has come and the transition is happening much faster than anticipated with big businesses scrambling to find the capital to fund all that is required.
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