GridBeyond has released its latest research paper Global Energy Trends 2023: Crisis, Contingencies and Climate Change, which looks at the vulnerabilities and strengths of the energy sector, and identifies renewables and technologies like energy storage, battery and EVs as essential for a more resilient and flexible grid.
“Over the past 12 months, the high and volatile energy prices seen across the globe have meant that security of supply and affordability of energy have become more relevant, while less attention has been put on sustainability,” GridBeyond stated.
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“While this implies a detour on the path to net zero, the emphasis being placed on the security of energy supplies confirms an under-appreciated benefit of the energy transition—that greater energy security and independence can result from a reduced reliance on imported fossil fuels.
“Renewables play a key role in clean energy transitions although costs for new solar PV and wind installations have increased, reversing a decade-long cost reduction trend, natural gas, oil and coal prices have risen much faster, further improving the competitiveness of renewable electricity. But renewable electricity needs to expand faster to reach net zero by 2050, supported by an increase in the technologies that provide flexibility to the grid.
GridBeyond CEO Michael Phelan said, “Events in Ukraine highlight the continuing importance of energy security, but this immediate challenge sits alongside the need for the world to achieve a deep and rapid decarbonisation. But energy market volatility and security constraints present an opportunity to supercharge the energy transition by ramping up clean energy investments and reshaping industrial and end consumer consumption.
“Times of crisis put the spotlight on governments and alongside immediate actions to reduce reliance on Russia imports many governments are now taking longer-term steps to increase or diversify oil and gas supply; many looking to accelerate structural changes in energy markets. This means we could be on the brink of a historic turning point towards a cleaner and more secure energy future.
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“But it is important to remember that time is ticking and this decade is our chance to stand up and play our part in creating a net-zero future that ensures supplies are available at a price that is affordable for all consumers. While there’s still much uncertainty around how we will achieve this, we know it is going to take collaboration from leaders across all countries, sectors and societies.”
A copy of Global Energy Trends 2023 can be downloaded here.
