Countries’ timelines to becoming energy secure and reaching net-zero targets have shortened. Major contributing factors include COVID-19’s impact on supply chains and the war in Ukraine. Alongside this are external influences such as COP27, or the landmark U.S. Climate Bill, which will direct almost $370 billion toward rapidly scaling renewable energy production and reducing emissions. Already, intergovernmental organizations such as the International Energy Agency are seeking to help governments along this sustainability journey, establishing shared goals to promote the effective operation of markets and encourage dialogue between members. But change doesn’t happen overnight. The next decade will be a transition period that will require governments and companies to improve their energy security posture by making current energy operations more efficient and sustainable, as well as diversifying their portfolio by investing in domestic renewables.
