A More Realistic Approach To The Energy Transition – OilPrice.com

by | Jul 4, 2022 | Energy

Much of the rhetoric following the Paris Agreement and, more recently, the COP26 climate summit has been centered around how the world must transition entirely away from fossil fuels to renewable alternatives. But in the face of global energy shortages, it has become apparent just how much the world continues to rely on oil and gas to meet its energy needs. As companies and governments increase their investments in renewable energy operations, it is not a choice of either/or but rather of balancing the two – boosting green developments while reducing emissions in fossil fuel projects to ensure energy security while also building a resilient renewable energy industry.  The Russian invasion of Ukraine rapidly shifted the political and public opinion regarding energy following a period of optimism around the development of renewables after last year’s COP26 summit. As consumers continue to face rising gas prices and the cost of oil is soaring, people are shifting their attitudes as they become more concerned about their energy security than climate policy. Governments around the world that announced net-zero carbon targets for 2050 just last year are now looking to boost oil and gas output as they fear severe energy shortages going into the winter …

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