NextGen Day

According to a new World Economic Forum assessment released on Thursday, the current energy crisis is causing inflation and reducing economic growth, yet short-term backward moves like increasing coal-based electricity supply and broad-based consumption subsidies are risky.

The paper, Securing the Energy Transition, put out a thorough strategic plan to make security and resilience the core elements of a system transitioning to alternative energy sources.

It advocates coordinating ongoing efforts to deal with the energy crisis with long-term objectives for the energy transition.

According to Roberto Bocca, head of a WEF section on defining the future of energy and infrastructure, “the energy crisis has brought energy security to the fore of political and corporate agendas and prompted the need to develop responses that are adapted to how the energy system has evolved and to where it needs to transition.”

He declared, “What is currently a global crisis is a great opportunity to steer a more direct course towards a secure, sustainable, and affordable energy future for everyone.”

The opportunity must be taken advantage of by “radical collaboration and a realistic strategy to face the complexity of the energy transition with rapid actions,” according to Bocca.

According to the paper, evolving energy markets and increasingly decentralized, digitalized, carbon-free, and distributed energy supply present opportunities and risks for energy systems in transition.

These supplies necessitate a review of energy security.

The paper offers a comprehensive framework for a safe energy system to direct nations and policymakers as they prepare their strategic plans, policies, and rules.

Investments in renewable energy should be prioritized, methane leaks should be sealed, electrification should be increased, consumption efficiency should be increased, and extra profits produced by energy corporations in 2022 should be utilized as solutions.

Prioritizing the provision of renewable energy and limiting the reinforcement of fossil fuels to committed emission reduction targets is one immediate step that has been suggested.

According to the International Energy Agency, for every dollar spent on new fossil fuel production, $5 should be invested in renewable energy.

The WEF analysis states that if more than 3.4 percent of natural gas escapes before combustion, it has no greater climatic advantages than coal; nonetheless, some fields have fugitive emission rates of 6 percent or higher.

High gas (petrol) costs in the near term will improve the economics of investing in efficiencies, electrifying industries, and residential heating, it was stated. “Maximize electrification and energy efficiency to alleviate and decarbonize demand.”

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