Released today, the World Energy Council’s latest World Energy Pulse has revealed there is declining optimism about the pace of energy transition among global energy leaders as energy security increasingly reframes affordable climate security actions.
This is based on findings based on a survey of nearly 600 global energy leaders.
According to the Pulse, while all three World Energy Trilemma pillars – energy security, energy affordability and environmental sustainability – are receiving leadership attention in the wake of multiple global crises; the importance of each pillar varies greatly by region. And this exposes the challenges of balancing competing priorities in energy policymaking.
“This World Energy Pulse reinforces the importance of placing people and communities at the heart of energy transitions. The urgent need to decarbonise economies without destabilising societies has become crystal clear in the context of new cost-of-living crises and global supply chain risks. Successfully managing energy transitions is best achieved through a combination of energy trilemma solutions at all levels of societies, by redesigning markets and ESG investment frameworks to include energy and environmental justice considerations alongside energy-and climate-security”. Angela Wilkinson, Secretary General and CEO
Other key insights from include:
43% energy leaders report seeing greater fragmentation in global approaches to the energy transition as new and cascading crises affect energy systems and consumers worldwide.
In regions such as North America and the Middle East and Gulf States where energy security of supply hasn’t been directly impacted by current crises, environmental sustainability has remained the top priority, over energy affordability concerns.
In Europe, rapid shift in policy is seen resulting in a re-prioritisation of energy security over affordability and environmental sustainability
Almost 40% of global respondents indicated that policymakers, in particular need to improve their energy literacy.
Pulse respondents show a global absence of bottom-up or consumer-led leadership models, with majority of leaders indicating no or very little evidence of these models emerging in their countries
The World Energy Pulse provides snapshots of current attitudes and trends felt across the energy industry and delivers global and regional perspectives of crises implications and transformational actions