Industrial investment opportunities in Saudi Arabia not confined to large-scale projects: minister 

Industrial investment opportunities in Saudi Arabia not confined to large-scale projects: minister 

RIYADH: The energy transition is more complicated than previously thought, despite the widespread global initiative to reduce carbon dioxide emissions and meet net-zero targets, disclosed a new report published by the International Energy Forum. 

According to the release, which was in conjunction with S&P Global Commodity Insights, several factors — including energy security and affordability — are slowing the transition movement, which is critical for the healthy existence of the planet. 

“Developments over the last two years demonstrate that the energy transition is more complicated than has previously been thought. While the transition proceeds, expectations of a linear global transition have been shaken as climate goals compete with priorities around energy security, energy access and affordability,” said the IEF in the report. 

In an interview with Arab News, the IEF Secretary-Genereal Joseph McMonigle said the energy transition has been going on since the 18th century. Still, the current change is much different from the previous ones. 

“Energy transitions have been ongoing since 1709, but this one is different. We have committed to eliminating CO2 emissions ... in just 25 years. Transforming a $100 trillion global economy to a decarbonized energy system in 25 years is a massive undertaking,” said McMonigle. 

Geopolitical tensions and energy crisis 

The report further noted