A new report has shown that renewable energy and efficiency measures are key priorities for energy leaders across the globe, as governments, businesses and communities alike forge ahead with measures to create a more sustainable carbon-neutral economy.
The findings come from the latest energy issues monitor produced by the World Energy Council.
Every year, the WEC surveys over 1200 leaders from energy firms in 95 countries in order to assess what is happening in the energy industry across a range of core topic areas. In terms of the issue causing the greatest amount of industry uncertainty, fluctuating commodity prices were a continuing key theme. However, the survey also showed that there was rising engagement with the green energy agenda and the technologies being deployed to create a low-carbon future.
In 2010, the key issues flagged up by energy leaders were the financial crisis, uncertainty of energy prices and the lack of a cohesive global climate change framework and policy. Today the key action area is the ongoing deployment of renewals, plus economic growth and energy-efficiency measures.
Thanks to the Paris Agreement, the concern around a lack of a cohesive climate change framework has dropped off the radar. One new concern for the industry, however, is the pace of development needed to create better storage options for electricity.
A further layer of uncertainty for British energy firms was Brexit, particularly with regards to future regulations and EIB funding. This is making the market unpredictable and failing to give investors the certainty that they need. This is of particular concern, as Britain's energy infrastructure needs to be transformed and updated by 2030. It will cost £215 billion and require both public and private investment to happen on schedule if it is to position the UK effectively for the future.