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Fostering Effective Energy Transition 2022

 

Fostering Effective Energy Transition: Relevance

  • GS 3: Conservation, environmental pollution and degradation, environmental impact assessment.

प्रभावी ऊर्जा संक्रमण 2022 को प्रोत्साहित करना

World Economic Forum in news: Context

  • Recently, World Economic Forum has released a new report titled Fostering Effective Energy Transition 2022 to provide perspective on the current challenges and recommendations on how to navigate the transition through a turbulent macroeconomic and geopolitical environment.

 

Fostering Effective Energy Transition 2022_40.1

 

Fostering Effective Energy Transition: Key points

  • Current energy market volatility and security constraints provide an opportunity to fasten the transition by increasing clean energy investments and transforming consumers’ energy consumption habits.
  • Industrial activity generates more than 30% of anthropogenic emissions, yet many industries face considerable challenges to decarbonize.
  • It is essential to make the energy transition robust as the window of opportunity to prevent the worst consequences of climate change is closing fast.
  • The energy transition is not keeping pace with the growing climate urgency, and recent compounded disruptions have made the transition even more difficult.
  • The lack of access to an affordable energy supply has emerged as a key threat to a just transition.

 

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Fostering Effective Energy Transition: Key recommendations

  • The diversification of the energy mix with a range of low-carbon energy sources can help strengthen energy security.
  • A holistic approach is needed that delivers concurrently on the three transition imperatives – energy affordability, availability, and sustainability – at an accelerated pace.
  • Actions are necessary to protect the most vulnerable through appropriate support measures, in a way that incentivizes efficient consumption.
  • Moreover, behavioural interventions and fourth industrial revolution technologies can help both households and businesses.
  • Diversifying the ecosystem of import partners in the short-term and diversifying the portfolio of domestic energy with low-carbon alternatives in the long-term can yield significant benefits.
  • Supply-side interventions will need to be augmented with demand-side efficiencies.

 

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