The great energy transition of our time is an important opportunity to accelerate the energy transition, but also a difficult one to navigate. According to World Economic Forum (WEF) president, Børge Brende, the cost of inaction far exceeds that of action.
We live in a unique time in history when how we power our societies, economies and lives is changing. Renewable energies such as wind and solar have the potential to significantly reduce our emissions of carbon dioxide and other greenhouse gases. But getting there requires bold decisions and solid investments to shift away from fossil fuels and develop new zero-CO2 energy technologies.
Unfortunately, the cost of inaction far exceeds the cost of action when it comes to energy transitions. This is due to high and increasing energy costs, the possibility of further global emissions, and the massive investment needed to upgrade infrastructure to accommodate the transition.
The world is faced with tremendous economic, social and environmental challenges related to the cost and availability of energy, often leaving nations with a difficult decision. The impact of climate change is already being felt but avoiding worst-case scenarios will require a swift and decisive transition of our entire system, from energy production to energy consumption.
Additionally, such a transition will produce vast opportunities and create a more equitable global economy. For many countries, the cost of inaction will mean higher energy costs, slower economic growth, and a slower transition to cleaner, greener energy sources.
Our current energy system was not built in a day; and a great energy transition will not happen overnight. But the cost of inaction far exceeds the cost of action. Børge Brende asserts that this is a time for massive investments to jumpstart the transition that will benefit many people for generations to come.
The great energy transition of our time requires the commitment and collaboration of both private and public sectors to ensure a future that is affordable, clean and safe. The cost of inaction is too high to be an option. The time to act is now.
