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Key strategies for global energy transition planning from COP27

Jan 18, 2023 | Oil and Gas |

Cop 27To avoid more serious consequences of climate change, the global energy system must be completely transformed from fossil fuels to renewables. Although technology exists, time isn’t on our side. So, these were the underlying messages from the World Meteorological Organisation on Energy Day during the UN climate change negotiations, COP27.

Some of the following strategies given by Future Market Insights are-

  • Remodeling energy security planning models- The unusual rapid economic recovery from the COVID-19 pandemic and Russia-Ukraine conflict has revealed the weaknesses of energy security in some of the best-prepared countries. So far, the energy supply chain has shown to be a well-oiled machine, with a just-in-time strategy allowing for innovation and optimizing efficiency across the value chain.
  • De-risking renewable energy investments: A critical measure for preserving capital flow with rising interest rates – The financial gap is still significant in emerging nations. Over the past ten years, the amount invested globally in the domain of energy transition surpassed by more than 3x times, reaching $750 billion in 2021. This boom in investment has followed a decade of economic growth, partially making it possible through expansionary fiscal policy as well as low target interest rates.
  • LNG: A renewable fuel to lower the impacts of climate change- Energy transition has become an immediate step globally to reduce the adverse climatic effects. As a result, various industries are moving towards opting for an alternative energy source – a cleaner fuel with better efficiency and lower costs. Such characteristics can be found in LNG.
  • Energy transition by global oil and energy manufacturers- Companies such as energy producer Shell bear huge responsibility in encouraging the global transition to renewables in the sector of oil and gas stating its intention to become a net-zero energy company by 2050, making the audacious claim of having net-zero carbon emissions in Scopes 1, 2, as well as 3 implying that Shell’s direct and indirect business emissions, including those resulting from their external value chains, could become net-zero.

This blog was originally published in ESI AFRICA. To read the complete blog follow this link