Energy firms striving to meet ambitious decarbonisation goals will need more than acquisition of clean assets to transition and drive efficiency across their entire asset portfolio in order to meet net-zero targets.

LYTT, a software company that provides energy firms with real-time visibility over asset performance makes the claim, with co-founder Tommy Langnes saying: “Whether oil and gas or renewables, energy can no longer be about short-term volume alone and, in reflection of this, energy firms are in the process of refining their net-zero plans. Many are divesting from carbon-heavy and non-profitable assets as we speak, and taking a strategic, data-based approach to each newly diversified portfolio will be critical to their long-term success. Net-zero is much more than a clean asset acquisition strategy, it is a complete, transformative business plan.”

Oil and gas majors are diversifying their portfolios, with a number of record clean-energy deals already in motion. February’s Crown Estate Round 4 auction was dominated by historically oil and gas names looking to stake their claim to a broader asset base, with more than 8GW of offshore capacity awarded.

However, popular as partnering with established renewables players is, these firms need to leverage software and analytics innovations to fully understand their new assets and accelerate their net-zero strategies and take control of their operational margins through optimised operations and highly targeted new development.

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