The petroleum refining industry is facing significant challenges due to the need to mitigate climate change. To address this, the industry is evolving to use new feedstocks like renewables, waste, and captured CO2 in highly efficient facilities. Future refineries will maximize renewable electricity use and integrate with other industries to enhance industrial symbiosis. They will produce a variety of products, including low-emission hydrocarbon fuels for chemicals, lubricants, waxes, and bitumen. The evolution of refineries will depend on site-specific strategies and a combination of technologies to reduce CO2 intensity. Cross-sectoral R&D programs are essential to develop and deploy sustainable low-emission fuels and related technologies. Innovations like renewable hydrogen and carbon capture and storage (CCS) are key to a low-emissions economy. The refining industry has shown its ability to innovate and adapt, and ongoing R&D efforts and investments will help it contribute to a low-carbon economy in the long term.