Hi. I'm Johan Nell, and I'm part of Baringa's National Resources team.
We are helping natural resources industries with the challenge of returning shareholder value while meeting their climate emissions and ESG commitments. Increasingly, we are asked why Baringa should engage with natural resources and specifically oil and gas clients?
Well, our motivation is as follows: burning fossil fuels account for two thirds of global emissions. And therefore, if we are serious about the climate, we must enable the world to transition from fossil fuels to clean energy.
Fossil fuels currently account for 70% of UK primary energy supply. So to prevent the lights from going out unexpectedly, we must support an orderly transition. Renewables, electrification and other low carbon energy sources are at the heart of this transition. And the underlying technologies require metals and minerals produced by some of our key mining and commodities clients.
By some estimates, more than $250 trillion will be spent over the next three decades to achieve a 2050 net zero scenario. And this represents a massive undertaking. Many of our resources clients are looking to Baringa for expertise in emissions reduction, renewables, hydrogen, electric vehicles and other areas to help them navigate the energy transition.
And so in summary, providing Baringa's expertise to accelerate resources companies' low carbon projects is a win for Baringa, a win for those companies as they keep the lights on and pay our pensions and also a win for the planet as we are directly addressing through our work, the top source of global emissions and environmental impact.