Acceleration needed in global energy transition – experts

The speed and scale of the global energy transition need to increase to limit the rise in global warming to 1.5 degrees Celsius, analysts at Norwegian oil and gas group Equinor emphasised on Thursday.

According to the World Meteorological Organisation (WMO), there is now an 80 per cent chance that at least one of the next five years will exceed 1.5°C above pre-industrial levels, up from 66 per cent last year.

Equinor’s analysts noted that while some regions have made strong efforts to reduce carbon emissions, geopolitical conflicts have offset progress.

“The global development over the past few years has made the challenges of delivering on the 1.5°C ambition larger,” said Equinor Chief Economist Eirik Waerness. Despite longer-term signals indicating a significant energy transition, progress towards 2050 has become more uncertain.