The global energy transformation is now a reality, and if we try to identify its underlying causes, we find global warming, lack of combustible fossil fuels, sustainable growth, reduction in production costs of renewable fuels, electrification and technological progress as some of the main drivers behind it.
Hydrogen as an energy carrier will play an important role in the decarbonization of multiple industries. However, alone will not stop climate change. What we need most for a successful energy transition is rapid growth in renewables overall, alongside an expansion of the grid to transport renewable electricity to consumer regions.
Let’s talk about how despite all of the geopolitical risks that the energy transition entails, it offers immense opportunities for traditional exporters of energy, importers and new suppliers. It is an effort that will require deeper international trade relations, technology transfers and a political framework to ensure that a successful energy transition leaves no one behind.