Our economies will not cut their carbon footprint and stall climate change without changing the way we produce energy.
And yet, at a time when urgent progress needs to be made, many obstacles to energy transition seem to have suddenly appeared:
- Oil prices have soared after Russia invaded Ukraine
- Europe hunger for gas is impacting Asian and US markets
- Gasoline prices suffered from the lack of refining capacity
- Coal is staging a comeback
Fossil Fuel Dependency = Energy Insecurity
That is at a time when fossil fuels still make up about 82% of global energy supply (as in 2021), while wind and solar represent less than 5%:
Global Energy Supply
.
Source: BP, IEA, 2021[1]
While Europe is looking for new sources of fossil fuels, and the rest of the world is learning to cope with sky-high gas prices, big questions are being asked.
Is the need for urgent climate action actually threatened by governments’ increasing focus on energy security?
Or will security concerns will, in fact, turn out to be the helpful push energy transition plans so much required?
Discover the facts, and the answers, in a new paper by Vincent MEULEMAN, manager of climate investment strategies at Candriam.