Record growth in renewables, representing over 80% of all new power-generating capacity last year, is the clearest sign yet that the energy transition is gathering pace. But recent events have shown that unplugging the current energy system before we have built a sufficiently robust alternative puts both economic and climate progress at risk -- and calls into question whether we can ensure a just transition that is equitable to all.
A successful energy transition must be built on progress for the economy and the climate together. It must be based on scientific, economic, and engineering facts, appreciate the multiple dilemmas and challenging trade-offs, and accelerate the deployment of practical solutions. And for that, we need an inclusive approach that leverages the experience of all sectors of society and, critically, does not exclude the energy sector.
The world was already facing a profound energy-supply crunch as economies began to bounce back from the Covid-19 pandemic. The Russia-Ukraine conflict then made a tight market even tighter and forced countries to reassess their urgent near-term strategic energy needs. So the message for governments should be clear: Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating. They will undermine energy security, erode economic stability, and leave less income available to invest in the energy transition.
