Sustainable development is defined by the United Nations as “meeting the needs of the present without comprising the ability of future generations to meet their own needs.” Sustainability defines a framework of the economic, environmental and social factors that need to be balanced with energy development. It is a system or lifecycle concept and not a stand-alone property.  When we speak of the “energy transition” and broadly defined terms such as “carbon intensity,” “decarbonization” and “net-zero emissions,” we need to account for present-day energy realities, as well as the consequences of energy choices on the future.

Pressure to make energy more sustainable is driving financial investments, business models and technology. Investment companies have established criteria for sustainability or ESG ratings that highlight the value of sustainable investing. Petroleum companies are addressing sustainable development with exploration and development projects and broadening into energy companies with investments in carbon capture, geothermal and low carbon fuels. Technology and innovation are essential to sustainable energy development and are improving extractive industry practices and alternative energy efficiencies.