Fostering Effective Energy Transition 2022

Recently, the World Economic Forum (WEF) released a report titled Fostering Effective Energy Transition 2022.

• The report provides a perspective on the current energy transition challenges and recommendations on how to navigate the transition through a turbulent macroeconomic and geopolitical environment.

Key Highlights: The energy transition is not keeping pace with the growing climate urgency, and recent compounded disruptions have made the transition even more difficult. Progress on the economic development and growth dimension of the energy transition has been slow over the past decade.

• The lack of access to an affordable energy supply has emerged as a key threat to a just transition.
• Industrial activity generates more than 30% of anthropogenic emissions, yet many industries face considerable challenges to decarbonize.
• The solutions to industries’ net-zero chokepoints are seldom found within a single company or even industry.
• High energy prices, risks of energy supply shortages, and soaring demand for fossil fuels are simultaneously challenging energy affordability, energy security and access, and sustainability.
• Addressing emissions from energy-intensive industries is essential to improve energy efficiency.
• The window of opportunity to prevent the worst consequences of climate change is closing fast.