Power Views 2022: Lengthy-term growth on the planet’s power markets and the way politics, applied sciences, corporations, and shoppers can affect it, is an overarching theme of the power transition.
With inflation raging, geopolitical disruption and resultant power safety concert events, and continued logistics woes, the desk is about for Equinor to ship its insights on power courtesy of its “Power Views 2022” report.
“Russia’s invasion of Ukraine earlier this yr has not solely tragically impacted the lives and livelihoods of these instantly affected, however the related geopolitical tensions have additionally additional deteriorated world cooperation, commerce and provide flows on which a sustainable power transition is totally dependent,” mentioned Eirik Wærness, chief economist in Equinor.
Safety of provide has come to the forefront of the power coverage agenda, with rising costs and vital will increase in general value of residing, holding power affordability firmly on the agenda. The local weather problem will stay as a long-term driver for decarbonization of our power system. However, short- to medium-term focus must also be anticipated on these choices addressing elevated power safety and affordability.
“In these testing instances, we should keep centered on the longer-term transformative measures and structural modifications wanted for a sustainable power future. Reaching the objectives of the Paris Settlement is an immense problem and would require steady engagement, collaboration and dedication from governments, industries, buyers, and shoppers alike,” saidAnders Opedal, President and CEO of Equinor.
Power Views is an unbiased report ready by Equinor analysts.
This yr, the report presents two distinct situations for the world financial system, worldwide power markets and energy-related greenhouse fuel emissions. The situations aren’t predictions however attainable contrasting pathways, offering a platform for debate and determination making.
The 2 situations, Partitions and Bridges, illustrate very totally different future pathways. They intention to focus on the immense challenges that have to be overcome to make the transfer from the sluggish, incremental modifications that characterise the power transition right this moment (Partitions), to the novel modifications wanted to maneuver the world onto a path aligned with the 1.5°C ambition of the Paris settlement (Bridges).
“Partitions divide and bridges join. Our new situations paint a big consequence area for what the long-term power future may seem like based mostly on selections made right this moment and going ahead,” says Wærness.