Today, as the vision of a carbon-free future is becoming more common, each sector is accelerating the energy transition through various strategies. These include deploying new technologies, investing in new infrastructure, revising policies, switching to renewable energy, converting less energy efficient plants to more efficient ones, electrifying transportation, and more.
However, energy transition is not just about phasing out carbon-emitting energy sources and switching to renewable energy or greener fuel sources. Understanding the full life cycle of assets should be an integral part of this approach. As shown in the figure below, a holistic view of asset management and energy transition is required throughout the life cycle of an asset, from identifying the need for an asset to its operation and disposal phases.