As we are approaching COP27, where the impact and mitigation of climate change and global warming will be thoroughly discussed, there’s a need for fresh ideas and pragmatic solutions for a functional energy transition.
Climate adaptation initiatives fall short as most efforts are focused on the power generation sector.Global energy security is a key subject ahead of the COP27 talks.Over the last years, major steps have been taken by international organizations, companies, investors and governments alike to commit to climate change action. The focus has increasingly been put on the reduction of carbon emissions and water consumption.
For any industry expert, it suffices to look at some of the flagship projects, which were launched to address climate change, and one will see that the overwhelming majority of projects are designed to counter emissions or water consumption. The conclusion is simple: climate adaptation is misunderstood or undervalued.
At present, governments and industries should realize that the current global energy mix is still highly hydrocarbon based and will remain so for foreseeable future. While optimism about renewables is clear and visible, as they accounted in 2021 for more than 80% of all new power generation capacity, the total share is just 4% of the global energy mix.
One of OPEC’s leading producers, the United Arab Emirates , has been pushing for a reassessment of strategies and simultaneously charting its own course. The UAE’s approach to energy transition involves a multifold approach, in which a commitment to supply hydrocarbons to meet global demand is combined with a full-fledged and applicable strategy of climate adaptation measures. Both are equally further enabled by increased investments in a new energy system for the future.
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