4th October 2019
EP Desk

According to the report “Grand Transition: Energy in the new technological cycle” presented by the Global Energy Association during the 24th World Energy Congress, already at this stage, sustainable energy development requires about $ 2.2 trillion in annual investments.

It is this amount of funding that is critical to ensuring universal access to affordable, reliable, sustainable and modern energy sources.

However, currently manufacturers keep their investment decisions in traditional fossil fuel assets and are often not ready for the structural changes required to move to a new technological cycle designed to provide a better quality of life for all people on our planet.

The report indicates that the energy transition requires a review of the global energy system management strategy, which implies an increase in investments in modernization of current capacities, a significant growth in energy efficiency of resources, as well as stimulation of a low- carbon economy and the development of new technologies.

The implementation of such changes is impossible without long-term planning and overcoming a number of obstacles. The main problem that the world community faces in the transition period is the low speed of innovation, the lack of a holistic view of integration and a plan of change.


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