Report reveals a major realignment in energy leaders’
priorities
Economic environment tops global industry’s list of
critical uncertainties
Pandemic propels energy affordability into the top 5
action priorities across all geographies
Regional and country-level priorities reveal diversity in energy transition pathways with multiple ‘races to zero’ and no ‘one size fits all'
Wednesday
17 March 2021, London: The World Energy Council
has today published its annual World Energy Issues Monitor. Now in its 12th
year, the report provides a forward-looking assessment of the
global energy agenda based on the views of more than 2,500 energy leaders from 108 countries.
The 2021 edition shows
that energy leaders’ perceptions of areas of risk, opportunity, and priorities
for action have radically changed over the last 12 months. While economic
turbulence stemming from the ongoing reverberations of COVID-19 is the biggest
area of uncertainty, with
uncertainty around economic trends increasing by a third over the
previous year, there is also a growing focus on the social agenda associated with
a faster paced energy transition.
The report details an
increased awareness of the societal and human impact of both recovery and the
wider energy transition and shows that the issue of
energy affordability has rapidly risen up the industry’s priority list, with its impact and uncertainty
perceived 20% larger than a year ago. Energy affordability
affects society across all geographies ranging from city dwellers in developed
countries to the rural poor in developing ones.
Simultaneously the report details the emergence of a new generation of digital energy services and energy entrepreneurs. More agile, disruptive technologies have taken advantage of the social upheaval to gain market share at the expense of supply-centric energy solutions. There is a growing focus on customer-centric demand-driven solutions and fast changing patterns of global and local demand.
Dr Angela Wilkinson, Secretary General
of the World Energy Council, commented:
“Even before the onset of Covid-19, we
had already begun to see the rise of the social energy agenda. A consequence of
this health crisis is that it has put people at the centre of the conversation
on global energy transition and given humanity a clearer voice in an otherwise
polarised and fragmented debate.
“This edition of our World Energy
Issues Monitor clearly shows a growing awareness among energy industry leaders
of the unavoidable truth that we must humanise our energy systems and address
new energy justice concerns to be successful.
“While there are still diverse views
on recovery and different signals about the impact of recovery plans on the speed
and direction of transition, the growing acceptance of a holistic view of
energy to enable global human and sustainable development suggests we are
moving in the right direction.”
The report findings also
indicate that carbon abatement technologies have emerged as another major area
of uncertainty, with
40% of respondents identifying the issue as highly or very highly uncertain. With large scale carbon
capture utilisation and storage (CCUS) deployment yet to take off, and a wide-ranging spectrum of national
and corporate net-zero commitments, there is significant uncertainty about how
to strike a balance between decarbonising the global economy while
simultaneously ensuring that human needs are met during the recovery.
Regional and country-level differences in both issues of critical uncertainty and action priorities reinforce the need for multiple energy transition pathways rather than a one-size-fits-all approach.
Dr Wilkinson, concluded:
“The global imperative to secure more
energy and climate neutrality is the key to enabling whole societies to recover
and flourish. It is vital, that the connections between Planet and People are
maintained and whole-energy-system change implications are thought through.
“There is no single ‘race to zero’,
there are in fact multiple pathways being progressed with tremendous
geographical and technological diversity. This 12th Issues Monitor once again
shows that there is no ‘one size fits all’ approach to addressing energy
challenges and progressing clean, affordable, reliable, socially inclusive and
just energy transition.
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