The World Energy Council has published its annual World Energy Issues Monitor report, Redesigning Energy in 5D, detailing analysis of the energy transition by nearly 1,800 energy leaders in more than 100 countries, who were surveyed in early 2024 following the conclusion of the COP28 energy conference in Dubai.
The report shows that fragmented leadership across the global energy landscape, fuelling disorderly energy transitions, is driving uncertainty about the transition.
Specifically, the surveyed leaders highlighted competing global and regional geopolitical agendas, the evolution of energy security concerns to encompass critical minerals and demand-driven energy shocks and disruptions, and the varying regional nature of climate action priorities that have converged to shape a distinctly uncertain path to achieving net zero.
For a smoother energy transition, the report lists five key areas of change: decarbonisation programmes, digitalisation schemes, demand-side management, diversification of energy sources and a more decentralised approach to energy transitions. It also identified transmission grid strengthening and expansion, flexible energy storage solutions, new mixes of policy and regulations, and social inclusivity as globally recognised areas of focus and action.
Dr Angela Wilkinson, secretary-general and CEO of the World Energy Council, said: “While the direction towards zero-emissions energy systems is clear, the journey to a sustainable future is fraught with challenges. This year’s World Energy Issues Monitor edition reflects global uncertainty about the collective ability to manage clean and inclusive energy transitions at speed and scale. The context of an increasingly fragmented energy leadership landscape and competitive geopolitics is exacerbating uncertainties.”
Across the world, apart from in North America, volatile commodity prices are seen as a key source of concern, with 34% of European respondents to the survey describing it as an area of extreme uncertainty. Stakeholder communication around engaging diverse communities to develop renewable energy sources was considered significant, with 50% of respondents claiming it is an area of high impact. A third of respondents, of which 41% were from Europe and 26% from Asia, cited that risk to peace and ongoing wars also drives a high level of uncertainty.
The World Energy Council is hosting its 2024 World Energy Congress in Rotterdam, the Netherlands, gathering around 5,000 delegates and 18,000 attendees to discuss the revolutionary innovations and pressing concerns of the global energy sector.
If you have not done so already, you can register for the 26th World Energy Congress here.
