Equinor underscores the imperative for accelerated action in the global energy transition to align with the ambitious 1.5°C target set forth in the Paris Agreement, according to its latest analysis.
In its Energy Perspectives 2024 report, Equinor presents two scenarios, Walls and Bridges, illustrating contrasting trajectories for the future of global energy markets. The report suggests that while progress has been made in certain regions, the current pace of the transition falls short of what is required to achieve climate goals.
“Despite some region's adamant push on energy transition efforts, both through stimulus and regulation, the global development over the past few years has made the challenges of delivering on the 1.5°C ambition larger,” remarked Eirik Waerness, Chief economist at Equinor.
The report highlights the impact of geopolitical conflicts and economic nationalism, which have led to a more fragmented energy transition landscape. Positive developments are often offset by negative ones, contributing to uncertainty regarding the speed and scale of decarbonization efforts.
Anders Opedal, President and CEO of Equinor, emphasized the significance of the Energy Perspectives report in guiding strategic priorities:
“Energy Perspectives provides important insight into the outcome space we have to consider when balancing our strategic priorities in the energy transition.”
The report presents an updated Walls scenario, alongside the benchmark Bridges scenario from the previous year, offering a range of potential future paths for the global energy system. It serves as a basis for informed decision-making and facilitates constructive dialogue on the challenges and opportunities ahead.
