Natural resources industry report

State of the Transition 2023: Global Energy and Natural Resource Executive Perspectives

Energy and natural resource executives anticipate a slowdown in the rate of reduction of carbon emissions over the next few years

On average, executives expect emissions reductions to reflect current pledges until 2030, then accelerate to achieve net zero by 2057

Emissions reduction and the impact on local communities remain top concerns across ENR industries

Executives say the greatest obstacles to decarbonization are customers’ unwillingness to pay higher prices and the difficulty of ensuring adequate returns for investments

North American and European utilities executives are concerned about permitting; executives in Asia-Pacific see technology as a top barrier

Executives in oil and gas are less sanguine about the prospects of their core business than their peers in other ENR industries

Companies continue to increase their capex allotment to new, low-carbon growth areas

Government policy changes may have spurred growth in low-carbon investments in North America

Capex allocation to new growth areas across industries is fairly consistent with last year, except for a notable increase in mining and minerals

Across sectors, executives expect different technologies to matter most by 2030

Expectations are high for the contributions of new, low-carbon businesses by 2030

Executives are less concerned about internal constraints, more concerned about policy and building viable businesses

Views on policy uncertainty shifted among North American and European oil and gas executives

Digital, engineering, and other technical roles remain the toughest to fill, with frontline labor increasingly difficult

Labor market challenges vary by region

Executives are most confident about their organizations’ physical resilience

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