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World Energy Outlook 2022

World Energy Outlook 2022

Full Title: World Energy Outlook 2022
Author(s): International Energy Agency, World Energy Outlook Team
Publisher(s): International Energy Agency
Publication Date: October 26, 2022
Full Text: Download Resource
Description (excerpt):

The world is in the midst of its first global energy crisis – a shock of unprecedented breadth and complexity. Pressures in markets predated Russia’s invasion of Ukraine, but Russia’s actions have turned a rapid economic recovery from the pandemic – which strained all manner of global supply chains, including energy – into full‐blown energy turmoil. With energy markets remaining extremely vulnerable, today’s energy shock is a reminder of the fragility and unsustainability of our current energy system. A key question for policy makers, and for this Outlook, is whether the crisis will be a setback for clean energy transitions or will catalyse faster action.

Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come. The environmental case for clean energy needed no reinforcement, but the economic arguments in favour of cost‐competitive and affordable clean technologies are now stronger – and so too is the energy security case. This alignment of economic, climate and security priorities has already started to move the dial towards a better outcome for the world’s people and for the planet. Much more remains to be done, and as these efforts gather momentum, it is essential to bring everyone on board, especially at a time when geopolitical fractures on energy and climate are all the more visible. This means redoubling efforts to ensure that a broad coalition of countries has a stake in the new energy economy. The journey to a more secure and sustainable energy system may not be a smooth one. But today’s crisis makes it crystal clear why we need to press ahead.

All statements and/or propositions in discussion prompts are meant exclusively to stimulate discussion and do not represent the views of OurEnergyPolicy.org, its Partners, Topic Directors or Experts, nor of any individual or organization. Comments by and opinions of Expert participants are their own.

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