Technology moves so rapidly that new approaches or ideas can emerge – and fade – within short timescales. This is especially evident in the energy world where the evolution of established technologies, coupled with the increasing influence of digital innovation, together with customer demand and government policies, are changing the way companies operate. What are some of the significant technologies on BP’s radar?
The dual challenge of meeting growing energy demand in the developing world, while working to reduce carbon emissions, is creating a constant stream of ideas with the potential to transform how the world produces and consumes energy.
For BP, that represents both a threat and an opportunity. The role of the Emerging Technology team, led by Dan Walker, is to keep focused on what is next and evaluate its potential impact on BP.
He explains: “There are hundreds of technologies out there that could impact BP, either positively or negatively, and we’re constantly scanning to identify and track these. We have to evaluate these technologies, analyse their strategic fit to BP and then prioritise them for potential action. Back in 2015, we saw the emergence of battery and fuel cells technologies, while just a couple of years later in 2017 we’ve seen blockchain and next generation wind technology come into focus.”
So, what new technologies are emerging to create challenges and opportunities for the energy world? And where, when and how might their impact be felt?