Energy crisis driving inflation, slowing GDP growth, creating social turmoil: WEF study

New Delhi/Geneva: The current energy crisis is driving inflation, slowing economic growth and creating social turmoil, said a new report on Thursday while calling for new solutions that could lead to a sustainable and inclusive energy transition. The World Economic Forum (WEF) report said that the world is in the grip of an unprecedented global energy crisis, but short-term fixes will lead to a bleak future. "To achieve energy security and sustainability, the only solution is to accelerate the low-carbon transition and a comprehensive re-appraisal of energy systems is needed," it added.

WEF called for prioritising solutions that advance both security & sustainability

Geneva-based WEF called for prioritising solutions that advance both security and sustainability while building resilience to potential shocks. The report titled, 'Securing the Energy Transition', has proposed 10 key actions to align immediate responses with long term goals and a framework to prioritise energy security for a just and sustainable energy transition.

These solutions include prioritising renewable energy investments, plugging methane leaks, maximising electrification, driving consumption efficiencies, and leveraging the excess profits made by energy companies in 2022.

India's energy security based on four-plank strategy: Puri

'Energy crisis has brought energy security to the forefront of political & corporate agendas'

"The energy crisis has brought energy security to the forefront of political and corporate agendas and prompted the need to develop responses that are adapted to how the energy system has evolved and to where it needs to transition," said Roberto Bocca, Head of Shaping the Future of Energy, Materials and Infrastructure, WEF.

"What is now a global crisis is a real opportunity to steer a more direct course towards a secure, sustainable and affordable energy future for everyone. This requires radical collaboration and a pragmatic approach to confront the complexities of the energy transition with immediate actions," Bocca added.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, Join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)