世界能源理事會：2024年世界能源問題監(jiān)測報(bào)告（英）

WORLDENERGY

ISSUESMONITOR2024

REDESIGNINGENERGYIN5D

ImagefromtheWorldEnergyCouncil’sHumanisingEnergySeriesfeaturingInvenergy(ElSalvador)producedbyBBCStoryWorks.

ABOUT

WORLDENERGYCOUNCIL

WORLDENERGYCOUNCIL

WORLDENERGYISSUESMONITOR2024

TheWorldEnergyCouncilistheworld’soldestindependentandimpartialcommunityofenergyleadersandpractitioners.ThroughourHumanisingEnergyvision,weinvolvemorepeopleandcommunitiesinaccelerating

cleanandjustenergytransitionsinallworldregions.Formedin1923,

theCouncilhasconveneddiverseinterestsfromacrossthefullenergy

ecosystemforacentury,andtodayhasover3,000memberorganisationsandapresenceinnearly100countries.Ourglobalnetworkdrawsfrom

governments,privateandstatecorporations,academiaandcivilsociety,aswellascurrentandfutureenergyleaders.Weeffectivelycollaborateonimpactprogrammesandinformlocal,regionalandglobalenergyagendasinsupportofourenduringmission:topromotethesustainableuseand

supplyofenergyforthebenefitofallpeople.

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PublishedbytheWorldEnergyCouncil2024

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WorldEnergyCouncil

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TheWorldEnergyIssuesMonitorprovidesasnapshotofwhatkeepsCEOs,Ministersandexpertsawakeatnightinover100countries.

TheMonitorhelpstodefinetheworldenergyagendaanditsevolutionovertime.Itprovidesahigh-levelperceptionofwhatconstituteissuesofcriticaluncertainty,incontrasttothosethatrequireimmediateactionoractas

developingsignalsforthefuture.Itisanessentialtoolforunderstandingthecomplexanduncertainenvironmentinwhichenergyleadersmustoperate,andatoolthroughwhichonecanchallengeone’sownassumptionsonthekeydriverswithintheenergylandscape.

This14thiterationoftheWorldEnergyIssuesMonitorisbasedoninsightsofnearly1,800energyleadersinover100countriestoprovide40nationalassessmentsacrosssixworldregions.

WorldEnergyIssuesMonitor2024,publishedbytheWorldEnergyCouncil.

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PAGES

TABLEOFCONTENTS

FOREWORD

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ABOUTTHEWORLDENERGYISSUESMONITOR

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GLOBALPERSPECTIVES

11

REGIONALHIGHLIGHTS

Africa

Asia

Europe

LatinAmericaandtheCaribbean

MiddleEast&GulfStates

NorthAmerica

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ACKNOWLEDGEMENTS

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FOREWORD

NETZEROANDBEYOND

InthewordsofAlfredNorthWhitehead,“Wethinkingeneralities,butweliveindetail.”

Thisyear’sWorldEnergyIssueMonitorrevealsafragmentedenergyleadershiplandscape,markedbyincreasinguncertaintyandextremepolarization.Theresultingconfusionandanxietyfuelssocialoutrageandapathyandimpedeseffectivecollaborationandbottom-upengagement.

Theoutlookforhumanityistumultuous,withenergytransitionsfacingtheriskofU-turnsanddetoursinallregions.It’swidelyacknowledgedthatourcurrentenergysystemsarenolongerfitforpurpose,demandingurgentredesignforthebettermentofbillionsoflivesandtheplanet’shealth.

Whilethedirectiontowardszeroemissionsenergysystemsbymid-centuryisclear,thejourneytoasustainablefutureisfraughtwithchallenges.Nosingleentity-beitacountry,company,orcommunity-canmanage

energytransitionsalonenorbyfocusingonasingle-issueagenda,andthereisnosilverorgreentechnologybullet.

Theriskofdisorderlyenergytransitionsloomslargeasvariousvisionsanddivergingtechnologypathways

emergeglobally.Fivekeyglobaldriversofchange-Decarbonisation,Digitalisation,Decentralisation,Disruption,andDiversification-areshapingenergytransitionsworldwide.

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Collaborationemergesasacrucialdesignchoiceamidstthesecomplexities.Theinterconnectednessofthe

“5Ds”underscorestheimportanceofengagingmorepeopleanddiversecommunitiesandaddressingregionaldemographictrendsandglobaldemandsforenergyequityandclimatejustice.

WhilewemayunderstandthetechnicalaspectsofachievingNetZeroandbeyond,thepoliticalandsocial

hurdlesremainformidable.Manyandnewwaysofaligningdiverseneedsandinterestsandsustainingeffectivecooperationareessentialandemerging.

Redesigningenergyforpeopleandplanetraisesa‘mother-of-all’,complexcoordinationopportunityanda‘fatherofall’strategicknowledgesharingchallenge.

Thebestwayforwardinvolveshundredsandthousandsofsmallersteps,formingnewenergyecosystemsandpathfindingguidedbytheevolvingtrilemmaofsecurity,sustainabilityandsocialequity.Acceleratingthepaceofdecarbonisationwithjusticeandbuildingdynamicresiliencetopolycrisisisachievableif,andonlyif,morepeopleanddiversecommunitiesunderstandtheirrolesandchoices.

TheWorldEnergyCouncilhasplayedapivotalroleinconveningpowerforthecommongood,connectingthedotsandchangemakingforacentury.TheWorldEnergyIssuesMonitorisoneofthetoolsourmembersandwiderstakeholdersuseforredesigningenergysystemstomeetcurrentneedsandfuturedemands.

Astheworld’sforemostenergycommunity,wearecommittedtofosteringfaster,fairer,andmorefar-reachingenergytransitions.Aflexibleandsharedsenseofthefragmenting,fastandfundamentallyshiftingworldenergyleadershiplandscapeisnoteasytodevelopandwethankourremarkablecommunityofenergyleadersforthisremarkablesetofglobal,regionalandsegmentedmaps.

JoinusattheRotterdamWorldEnergyCongresstocontinuethishumanisingenergydialogueandlearnwithustoconnectthedotsanddrivemeaningfulchangeforthewell-beingof10billionlivesandasustainableplanet.

AngelaWilkinson

SecretaryGeneral&CEOWorldEnergyCouncil

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Digitalisation

Digitaltechnologiesimpacting

acrosstheentireenergyvalue

chain,modifyingindustrialand

domesticpractises,behaviours

andprocesses

Decentralisation

Theshiftawayfromcentrally

controlledenergysystemsto

moredecentralisedsystems

thatareoftenlocatedcloserto

customersandusers

EXECUTIVESUMMARY

Inaworldwherethedemandsforsecure,affordableandsustainableenergyareever-increasing,globaland

nationalenergysystemsareshowingsignsofdeficienciesandstrainseverywhere.Thereisanurgentneedforcollaborationacrosstheentireenergyecosystemtoredesignenergysystemsthatenabletheimprovementofbillionsoflivesonahealthyplanet.

Inthiscomplexlandscape,characterisedbytheinterplayofvariousenergytransitionpathways,thereisno

one-size-fits-allsolution.Theimperativeforenergytransitionsnecessitatesprofoundsystem-levelchangesthattranscendtraditionalpolicyframeworks.Energytransitionsgobeyondtechnologicaladvancements,fuelsubstitution,electrification,ordecarbonisation;theyencompassaholisticapproachthataddresseswiderandwiserusesofenergy.

Energytransitions’transformativeimpactsextendfarbeyondtheenergysectoralone.Theyintersectwithothervitalsystemssuchasindustry,agricultureandurbaninfrastructure,reshapingthefabricofsociety.Tocatalysefaster,fairerandmorefar-reachingenergytransitions,diversitymustbeactivated,andpeopleempowered,

includingwomen,workersandthenextgeneration.

Asenergytransitionsunfoldwithinthebroadercontextofsystemicshifts,theysignifyafundamental

reorientationofourrelationshipwithenergy.Energytransitionsunderscoretheimportanceofequippingdiversecommunitieswiththeknowledgeandagencytoshapethefutureofenergy,reflectingadeeperunderstandingofourinterconnectednesswiththeplanetandeachother.

FollowingtheconclusionofCOP28intheUnitedArabEmirates,thiseditionoftheWorldEnergyIssues

Surveycapturestheperspectivesofnearly1,800energyleadersacrossmorethan100countries,providingatimelyandinsightfulsnapshotofthedynamicglobalenergylandscape.Asanessentialtoolfornavigatingthecomplexitiesanduncertaintiesfacedbyenergyleaders,theWorldEnergyIssuesMonitorpromptsa

reconsiderationofassumptionsregardingthekeydriversshapingenergytransitions.

Moreover,whenconsideredinconjunctionwiththeCouncil’s

WorldEnergyTrilemmaFramework

andthe

WorldEnergyScenarios

,theseresourcescollectivelyprovideacomprehensiveunderstandingofcurrent

advancements,futurechallengesandemergingopportunitiesintheglobalenergysector.Together,theyoffervaluableinsightsthatcanguidestrategicdecision-makingandpolicyformulationintheenergydomain.

The2024WorldEnergyIssuesMonitorreaffirmstheWorldEnergyCouncil’s“5Ds”thataredrivingchangeinenergysystemsacrosstheworld.

Decarbonisation

Theactofdecarbonisingenergy

supplies,servicesanduseswiththose

offeringalowercarbonintensity

Diversification

Thedesiretosecureenergyfrom

morethanone(ormore)sourcesin

pursuitofenergysecurity

Humanisingenergy

Theimperativetoengagepeople

andcommunities,consideringtheir

diverseneeds,perspectives,and

globalimpacts.

Disruption

Massivedemand-sidechangesinenergyuse

WORLDENERGYISSUESMONITOR2024

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These“5Ds”areconnectedandshapedbyregionaldiversityanddifferencesindemographicpatters,energyneedsandwants.Thesurveyresultsofferarichanddiversesetofviewsonglobalenergyissues,sheddinglightonkeytrendsandpriorities,andtheirimplicationsforthefiveglobaldriversofchangeshapingenergytransitionsinallregions.Keyinsightsinclude:

.Oldandnewgeopoliticalagendasarevyingforpoleposition.TheongoingwarinUkraineandinstabilityintheMiddleEastescalateuncertainty,affectingenergytradeandsecurity.TheexpansionofBRICSwith6newmembersillustrateschangingglobalpoliticalaffiliationsandpartnerships,impactingenergydynamicsandcollaboration.Thegeopoliticsofenergyareextendingbeyondoilandgasresourcestosupplychainsanddata.

.Energysecurityconcernshaveevolvedbeyondconventionalsupplysidesecuritytodemanddriven

shocksanddisruptionsandtheimpactsofclimatechange.Theseincluderesilience,diversityofsupplies,climatechange,theenergy-water-foodnexus,shiftsinsupplychainsandaccessibilityofcriticalmineralsandmetals.Theshifttowardsresilienceisobservedinboththisreportandthe2024WorldEnergy

TrilemmaReport.Demandmanagementpoliciesandatransitionofcontroltowardsendusers.

.Investorconfidenceinde-riskingcleanenergyinvestmenthasgrownsignificantly–exceptinAfrica

andLatinAmericaandtheCaribbean.Whilede-riskinginvestmentinenergyhasexhibitedoneofthe

lowestlevelsofuncertaintyintheglobalaverage,thestart-upsandinnovatorsgroupindicateahigherlevelofuncertainty,necessitatingleadershipattention.Thereisanurgentneedforagreaterflowoffinance

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andinvestmentintoinfrastructureandthescalingupofnewtechnologiestofacilitateenergytransitionstowardsamoresustainable,lowcarbonfuture.

.Keytechnologiesareemergingaspivotsinenergytransitions,disruptingtheenergylandscapeandreshapingthesectorastheygaintraction.Whileincreasingthesupplyofrenewableelectrificationintheenergymixiscommontoall,thereissignificantdifferenceinhowkeytechnologiespivot.HydrogenandP2Xtechnologiesareincreasinglybecomingpivotalinachievingnetzeroemissions.Uncertaintiesstill

existinsomeregions,notablytheMiddleEastandGulfStates.Scalingupthesekeytechnologiesrequiresessentialenablerssuchasappropriateandtimelyregulation,aswellasfinancialinnovation.Carbon

Capture,UtilisationandStorage(CCUS)hardlyfeatures,withMiddleEastandGulfStatesbeinganotableexceptionwhereitisconsideredanactionpriority.

.Transmissiongridstrengtheningandexpansion,aswellasmoreflexibleenergystoragesolutions,

includingdemandmanagement,aregloballyrecognisedareasoffocusandaction.Anexceptionis

observedinLatinAmericaandtheCaribbean.Urgentactionandinvestmentareneededtoupgradeand

integrateelectricitytransmissiongridsglobally,particularlytoaccommodatetheincreasingdemandforenergy,expandandintegraterenewableenergysources,andenhanceclimateresilience.Whilstmuchofthedebatearoundenergytransitionscentresaroundenergysources,astronginfrastructureisrequiredtodeliverenergytohungrymarkets.Thereisnotransitionwithouttransmission.

.Climateactionpriorities,encompassingmitigation,adaptation,andcompensation,varyacross

regionsandextendtobroaderconcernsaboutenergyforsustainabledevelopmentincludingwaterstressandfoodsecurity.Mixedviewsonclimateadaptationexist,withhighuncertaintyamongrespondentsfromAsiaandLatinAmericaandtheCaribbean.Theinterdependenceofwater,energyandfoodsystemsisa

toppriorityforAfricanrespondentsbutremainsuncertainforthoseinLatinAmericaandtheCaribbean.

.Newmixesofpolicyandregulationsareneededtomanagethemultipleobjectivesinredesigning

energyforpeopleandplanet.Uncertaintyincreasedregardingpolicyenvironmentsnecessaryto

transformenergydemandacrosssectors,includingenergyefficiency,requiringarevaluationofpoliciesandstakeholdercollaboration.Demandmanagementisanewpolicyimperativeforastableelectricity

system.Thisissuewasfirmlyintheuncertaintydomainforallregionsandgroups,exceptforstart-upsand

Innovatorswhereitwasanaction.Therearemarkedregionaldifferencesinprogressingpeer-to-peerandpeer-to-markettradingsolutions.

.Socialtransformationgainsmomentum:demandsforsharedbenefits,socialinclusivityandjustice

increasinglyinfluenceenergystrategies.Bottom-upengagementisweakerthanneededandbetter-

qualityleadershipdialogueandenhancedstakeholdercoordinationareessentialtoaddressinterconnectedissuessuchasdemandmanagement,qualityenergyaccess,andwiderandwiserusesofenergy.Changesinmindsetsarerequiredtogeneratenewformsofcollaboration.Thepolarisationofviewsaboutenergy,notablythe“good”vs“bad”energy,isunhelpfulandcanhindertangibleprogress.Thecomplexityof

engagingdiversestakeholdersandfindingnewwaysofcollaborationcannotbeunderestimated.While

manylocallyappropriatenovelapproachesareemerging,thenextchallengeliesinscalingandconnectingtheseinitiatives.

The2024WorldEnergyIssuesMonitorunderlinesthecomplexnatureofenergytransitions,emphasizingtheirmultifacetedcharacterwhereaone-size-fits-allstrategyprovesinadequate.Signalsofdeficiency,stressandstrainareeverywhereemphasisingthatredesigningenergyforpeopleinplanetisimperative,makingfasterfairerandmorefar-reachingenergytransitionshappenisnoteasy.RegionalprioritiesanduncertaintiesvariedsignificantlyasdidresponsesfromkeystakeholdergroupssuchasFutureEnergy

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LeadersandStart-upsandInnovator.Multipleenergytransitionpathwaysareemerginginallregionsandincreasingthesupplyofrenewableelectrificationinthemixiscommontoall,butsignificantdifferenceinbasketsoftechnologypivots(H2,CCS,storageandgrids)exist.Thisdivergencehintsatvaryingriskappetitesorawareness,differencesinculture,resourceendowment,economicandintergenerational

distinctionsaswellasdifferencesbetweenestablishedorganisationandburgeoningstart-ups.

Centraltothesuccessofenergysystemtransformationsistheimperativetoleadwithdiversity,leveragingandlearningfromdifferences,andfosteringqualitydialoguestoreconciledivergentperspectivesand

enablecollaborationtailoredtoeachdistinctcontext.

The2024WorldEnergyIssuesMonitorisakintoanenergyRubik’sCube,offeringamultifacetedviewoftheenergylandscapewhereeachissuerepresentsacolourfulfacet,yetonlyaportionofthewholecanbeexaminedatatime,providingasnapshotofemergingtrendsandtransformations.

Beyondwhereyouaredirectingyourfocusin2024,howdoyouinterprettheconceptofdiversityinorchestratingorderlytransitionsandhowcanweeffectivelyleveragethesedifferencestodrivemeaningfulactionandcollaboration?

Ourcommitmentliesinredesigningenergyforpeopleandplanet,aswestrivetoconnectthedotsin

afaster-paced,fundamentallyshiftingandincreasinglyfragmentedleadershiplandscape.Throughour

conveningpowerforcommongood,weendeavourtoengageabroaderspectrumofpeopleanddiversecommunities,ensuringthatnewvoicesareincludedinbetterqualitydialogues.Weareacommunityof

changemakers,seekingtomakeenergytransitionshappenthatarefaster,fairerandmorefar-reaching.Thisinvolvesscalingamultitudeofsmallerstepsanddesigninginnovativepolicymixestoachievemultipleobjectives,includingsecurity,affordability,andsustainability,whileemphasisingdynamicresilienceand

broaderjustice.

Weinviteyoutoharnessthepowerofthistoolnotjustforreadingandreflecting,butalsoasacatalystforactionandcollaborationinourpursuitofmakingfaster,fairerandmorefar-reachingenergy

transitionshappen.

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ABOUTTHEWORLDENERGYISSUESMONITOR

Forthepast15years,theWorldEnergyCouncilhasdiligentlymonitoredenergyleaders’

perspectivesonissuesimpactingenergytransitionsthroughtheannualWorldEnergyIssuesMonitor,servingasavitalglobalsourceofcriticalinformationguidingactionprioritiesforfaster,fairerand

morefar-reachingenergytransitions.TheWorldEnergyIssuesMonitorassessestheimpactand

uncertaintyofpre-identifiedenergytransitionissuesbysolicitingfeedbackfrompolicymakers,

CEOsandleadingindustryexperts.Itoffersinsightsintoa)ActionPriorities,representingareas

wherecountriesareactivelyadvancingtheirenergytransitionefforts;andb)CriticalUncertainties,highlightingissuesthatareofconcerntoenergyleadersandrequireleadershipattention.

ForthiseditionoftheWorldEnergyIssuesMonitor,theCouncilsurveyednearly1,800energy

leadersandglobalexpertsdrawnfromitsglobalnetworkspanningover100countries.Thesurvey

alsoincludedtwodistinctgroups:theWorldEnergyCouncilFutureEnergyLeaders,comprising

energyprofessionalsunder35yearsofage,andStart-upsandInnovators,consistingofcompaniesfoundedlessthan10yearsagothatcanpresentafunctioningprototypewithaprovedscaledmodel.Thesurveywasconductedinearly2024,followingtheconclusionofthe28thConferenceofthe

WORLDENERGYCOUNCIL

Parties(COP28),whichwasheldinDubaiintheUnitedArabEmiratesinNovember2023.The2024WorldEnergyIssuesMonitorshouldbeconsideredwithinthiscontext.

TheWorldEnergyIssuesMonitorsurveyquestionnaireunderwentathoroughreviewandupdate

toensureitsalignmentwiththeevolvingcontextandtheimperativetoredesignenergysystems

toimprovebillionsoflivesonahealthyplanet.The2024surveyincluded33coreenergytransitionissues,organisedintosixcategories.Thefulldescriptionsoftheissuesgivemorecontextandwillhelpguidethereaderinreachingnewinsightsandconnections.

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Table1:Issues’CategoriesandDefinitions

ShortnameFulldescription

Geopoliticalissues

RisktoPeace*War/extendedconflicts/risktopeace

SupplyChains

Supplychaindisruptions(solar,wind,etc)

CriticalMinerals

Criticalmineralsandmetalsbottlenecks

Investment

De-riskinginvestment

CommodityPrices*

Commoditypricevolatility

InternationalCollaboration*EffectiveInternationalcollaboration

CapitalCost*Costof/accesstocapital

GlobalGrowth

Globaleconomicgrowth

DomesticGrowth*

Domesticgrowthoutlook

Workforce*Workforcetransitions

SocietalIssues

Accessibility*Accessibility–accesstoreliableandcleanenergyservices

Affordability*

Affordability–costofenergyservices

Acceptability

Acceptability–permit/licencedelays

SocietalNeeds

Activeengagementfromacriticalmassrepresentingbroadersocietalneeds

StakeholderCoordination

Complexcoordinationandcollaborationofmultiplestakeholders

PopulismRiseofpopulism

Regulatoryregimes

FossilSubsidies*Removal/reductionoffossilsubsidies/taxbreaks

Infrastructure

Infrastructureactionplanning-strategicallybuildingandupgradingphysicalsystems

Demandmanagement

Policyenvironmenttotransformenergydemandacrosssectors

TrilemmaManagementEnergytransitionstrilemmamanagement-workingacrosspolicysilos

Technologygamechangers

ArtificialIntelligence*ArtificialIntelligence(AI)

EnergyStorage*

Energystorage

Circularity

Circularity-Closedloopsystemsthatreduce,reuse,recycle,restore

TransmissionGrids

Transmissiongrids

CCUS

CarbonCapture,UtilisationandStorage(CCUS)

DAC

Directaircapture(DAC)

H2andP2X*HydrogenandPower-to-X

Economicissues

Food-Energy-Water*Food-energy-waternexus

Environmentand

climatechange

ClimateAdaptation*

Adaptationtotheimpactsandrisksofclimatechange

EcosystemsReparation*

Carbonremovalsandrepair/restorationofecosystems

ClimateMitigation*

Mitigation/netzeroimplementationtopreventandoffsetemissions

Compensation

Compensationtooffsetslosses/damagesduetoclimateimpacts

LifeCycleImpactFulllifecycleimpactofrenewableenergysolutions

Issueswithan(*)canbetrackedfromprevioussurveyssince2009,toshowtrendsoveralongerperiod.

WORLDENERGYISSUESMONITOR2024

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Figure1:HowtoReadanIssuesMap

WORLDENERGYCOUNCIL

WORLDENERGYISSUESMONITOR|2024

HowtoReadanIssuesMap

CriticalUncertainties:

Whatkeepsenergy

leadersawakeat

night

WeakSignals

ActionPriorities:

Whatkeepsenergy

leadersbusyatwork

Impact一

Centre-pointline

CriⅥcalUncertainⅥes:whatkeepsenergyleadersawakeatnightAcⅥonPrioriⅥes:whatkeepsenergyleadersbusyatwork

EachIssuesMapprovidesavisualsnapshotoftheCriticalUncertaintiesandActionPrioritiesthatpolicymakers,CEOsandleadingexpertsstrivetoaddress,shapeandmanage.Thebubblesinthe

IssuesMaprepresenttheaveragedlevelofa)uncertainty;andb)impactthatrespondentsattributetoeachenergytransitionissue.Thoseissuesinthetopright-handcornerofthemaphighlightedinorangehavethehighestlevelsofimpactanduncertaintyandaredefinedasCriticalUncertainties.Thebottomright-handcornerofthemaphighlightsissuesinbluethathavehighimpact,butlow

uncertaintyandaredefinedasActionPriorities.Thecentre-pointoftheissuesmaprepresents

themediumlevelforimpactanduncertaintytohelpcomparisonbetweendifferentissuesmaps.

Colourshades,gradedaccordingtoproximitytotheright-handcornersofthemaps,allowthe

readertodifferentiatebetweenthevaryingdegreesofuncertaintyandimpactattributedtoissuesandtohighlight(lightershades)issuesthatareclosetobecomingCriticalUncertaintiesandActionPriorities.

TheIssuesMonitorservesasavaluablerealitychecktoolutilisedbytheWorldEnergyCouncil’sMemberCommitteesandtheglobalenergycommunity,offeringasnapshotofperspectives

onenergytransitionsfromvariousstakeholderswithineachcountry.ThroughtheIssuesMaps

andaccompanyingcommentaries,thereportpresentsaninsider’sviewoftheevolvingenergy

landscape,reflectingdiverseglobal,regionalandnationalviewpoints.Theseinsightshighlightthearrayofuniqueneedsandapproachesshapingthemultifacetedjourneyofenergytransitions.

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GLOBALPERSPECTIVES

Sincethe2022IssuesMonitor,therehavebeenaplethoraofchangesintheenergysector,fundamentally

alteringuncertaintyandoutlook.TheimpactoftheCOVID-19pandemichasfaded,andenergydemandhasreboundedduetoeconomicstimuluspackagesandadeclineintheimpactofthevirusonkey

economicsectors.

TheimpactofthewarinUkraineontheenergysectorhasbeensignificantandsustained.Itledto

volatilityinenergypricesandshortagesofsomeenergycommodities.Thishasresultedinenergysecurityconcernsandeconomicimpactsduetohigherpricesanduncertainty.Giventheimportanceofenergy

inunderpinningeconomicgrowth,manycountrieshaveincreasedenergyresiliencemeasuressuchasdiversificationandneworincreasedenergytradeflows.Theeffectsofthewarhaveadisproportionateimpactonpoorcountriesduetoinflationarypressuresglobally.

COP28inlate2023wasaimedatshiftingtheconversationto“deliveronoldpromisesandraisenew

ambitionsonadaptation,mitigationandmeansofimplementation”.TheagendasetbytheUAEPresidencycentredonfast-trackingajustandorderlyenergytransition,fixingclimatefinance,focusingonpeople,

nature,lives,andlivelihoods,andfosteringinclusivity.Theconferencestoodoutinitsapproachbyembracingdiversityandrecognizingtheimportanceofhearingdifferentvoicestomaintainglobaltemperaturesbelow1.5degreesCelsiusand,importantly,to“l(fā)eavenoonebehind.”

Nearly200countriesreachedconsensusontheirresponsetothefirstGlobalStocktakeundertheParis

Agreement,knownastheUAEConsensus.Aplanwasputforwardtocloseimplementationgapsto2030,“ratchetupclimateactionbeforetheendofthedecade”anddefinearoadmaptonetzerowhichincludes:

·Recognitionoftheneedto“transitionawayfromfossilfuelsinenergysystems,inajust,orderlyandequitablemanner”

·Atargettotriplerenewablesanddoubleenergyefficiencyby2030·Phasingoutfossilfuelsubsidies

Afocusontheglobalfinancialarchitecture,anewlossanddamagemechanismtoassistvulnerable

developingcountriesdealwithclimatechangeimpactsandafocusontradeforthefirsttime