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Fostering Effective Energy Transition 2022

Fostering Effective Energy Transition 2022:

The World Economic Forum (WEF) has released a report named Fostering Effective Energy Transition 2022, which calls for urgent action by both private and public sectors to ensure a resilient energy transition to address the challenges to environmental sustainability, energy security and energy justice and affordability.

Findings of the Report:

  • The energy transition is not keeping pace with the growing climate urgency, and recent compounded disruptions from a post-pandemic surge in energy demand, fuel supply bottlenecks, inflationary pressures and reconfigured energy supply chains as a result of the war in Ukraine have made the transition even more difficult.
  • High energy prices, risks of energy supply shortages, and soaring demand for fossil fuels are simultaneously challenging energy affordability, energy security and access, and sustainability.
  • The lack of access to an affordable energy supply has emerged as a key threat to a just transition.
  • Industrial activity generates more than 30% of anthropogenic emissions, yet many industries face considerable challenges to decarbonize.
  • Skewed Fuel Imports: Of the 34 countries with advanced economies, 11 rely on only three trade partners for over 70 % of their fuel imports.