95% ready to transition to a circular economy

Nearly all (95%) of ONS 2022 Conference attendees are Ready to Transition to a Circular Economy shows the results of a survey done by ONS and RENAS.

“We were pleasantly surprised that the support by the energy sector to transition toward a circular economy was so universal,” says Bjørn Arild Thon, CEO of RENAS.

“There is a negative societal impression of the energy industry, and we believe the survey results highlight the industry’s strong intention to put action behind their words, so that all sectors can collaborate more effectively.”

Jon Are Rørtveit, Vice President of ONS, “The climate crisis is the biggest threat humanity has ever faced, and the survey shows the Energy Industry’s urgency where 50% of the respondents believe the transition toward a circular economy is moving too slowly. Energy leaders want to move forward now and are ready to design, build and realize a secure and reliable energy future.”

New business models and innovations

Jon Are continues, “We see at this year’s ONS conference more than ever companies are eager to demonstrate new business models and innovative products embracing renewables, CCS, and smart solutions.”

While there was consensus for an urgent transition toward the circular economy, a majority (61%) believes it is unrealistic for the oil and gas industry to transition toward a Circular Economy process within the next five years.

Most respondents (55%) say criteria is needed for a smooth transition and that is to protect consumers and ensure energy reliability.

“The survey shows that it is important to provide a safe and practical transition to ensure energy reliability,” states Thon.

“A surprise result in the survey is that greatest challenge for the transition seems to be the lack of government intervention with either setting regulations or providing incentives to operators/suppliers.”

Jon Are reflects, “This is why the ONS conference is so important. We are gathering global leaders to meet to find solutions that will ensure a practical and safe transition to a circular economy, and this is what the majority of the respondents from the survey say, we need government, investors and business leaders to step up”