GLOBAL ENERGY TRANSFORMATION

In order to limit climate change and enable sustainable growth, global energy transformation driven by renewable energy energy efficiency, electrification, and digitalization must be accelerated. In addition to mitigating climate change, reducing local air pollution, and improving energy security, socio-economic benefits are among the key drivers for this transformation. While system-wide innovation is necessary to continue the power system transformation with cost-effective renewable energy solutions, energy efficiency, renewable energy, and electrification solutions must jointly be pursued in the heating and transport sectors. Early action will be crucial to reap the economic benefits of this transformation and to limit its costs. Countries should start planning today to limit the potential risks that could arise from geopolitical shifts and the changing structure of economies due to global energy transformation.