Crises hitting the planet such as climate change, the Covid-19 pandemic and the war in Ukraine could accelerate the pace of global energy transition.
A new survey by the World Energy Council which polled 700 leaders from across the global energy community found that nearly half of respondents expect these crises to speed up governments’ efforts to switch to cleaner energy sources.
The poll shows business executives anticipate greater investment rates in onshore and offshore renewables in response to the crises.
However, at the same time, they highlight the importance of investment in hydrocarbons as an answer to concerns around energy security.
Almost 86% of respondents said governments must intervene to address price shocks and affordability impacts on energy users.
Dr Angela Wilkinson, Secretary-General and Chief Executive Officer at the World Energy Council, said: “The global energy transition is imperative and was never going to be quick, cheap or easy.
“It is a complex process that can only succeed if more people collaborate and manage the tensions between energy security, energy affordability and equity, and environmental sustainability – what we call the World Energy Trilemma.”