While there can be no denying that the world governments coming together to establish an agreement to secure global net-zero by mid-century and to limit global temperature rises to 1.5C above pre-industrial levels can only but be a good thing, how will this impact the drilling industry? Well, it all depends on what you are drilling for. For the fossil fuel sector, it's generally bad news, but on the other hand, there is huge potential for drilling sector growth.
Yes, coal mines will be phased out but the goals of COP26 do not mean an end to mining per se. Instead of taking coal out of the ground miners will have to transition to the materials needed for a sustainable society; copper, nickel and lithium and the rare earths needed for electric vehicles and the infrastructure to support this change.
Similarly, the oil and gas sector will need to shift its focus as deep boreholes will in the future be needed for geothermal energy production. There is also a marked increase in ground source heating and this too needs the drilling industry to step up to the plate. And that is already starting to happen as you can see in this issue.