The world is grappling with the need to hit the global Net Zero by 2050 target which means the net amount of greenhouse gases emitted into, and removed from, the atmosphere is zero by that date. All the while providing safe, secure and affordable energy for citizens. A tug of war between outcomes is afoot, where difficult decisions and trade-offs will need to be made by governments, energy majors and consumers. Energy security is key for economic resilience. Progress made in the last few decades in the UK and Euro area was buffeted by the Russia Ukraine war. Geopolitical events, such as mounting international tensions in the Middle East, could create further energy shocks. However, according to the European Security Mechanism, to enhance resilience to energy supply shocks, the EU needs to increase the use of domestically produced renewable energy. In this episode of The Next Five Torgrim Reitan, CFO and EVP at Equinor discussses the need for a balance between transitioning to renewables and offering stable supply of reliable energy sources such as natural gas. Rebecca Williams, Deputy CEO of the Global Wind Energy Council (GWEC) offers insight into the future for wind projects and how renewable energy can provide much needed energy security. Irina Kustova, Research Fellow at the Centre for European Policy studies (CEPS), highlights the policy landscape surrounding the energy ecosystem and the challenges and opportunities ahead. Sources: FT resources, National Grid, European Commission, WEF, windeurope.org, European Security Mechanism, Mckinsey, S&P Global Commodities Insights, IEA.
This content is paid for by Equinor and is produced in partnership with the Financial Times' Commercial Department.
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