The International Energy Agency (IEA) has published ten recommendations for policymakers, outlining how to improve energy security in the “mid-transition” between clean energy and fossil fuel systems. The World Energy Outlook 2022 report recommended a “synchronise[d] scaling up” of clean energy technologies while scaling down usage of fossil fuels, emphasising that this will be “key to a secure exit from today’s crisis”. Global energy security cannot be achieved without cooperation and collaboration, the IEA said. Governments need to work together to lower the cost of capital, “tackling the various economy‐wide or project‐specific risks that push up the cost of capital” in emerging markets and developing economies (EMDEs) to help “reverse the slide into energy poverty”, it added. Further, policymakers must “manage the retirement and reuse of existing infrastructure carefully” and invest in flexibility to ensure “diverse and resilient” clean energy supply chains and “foster the climate resilience” of energy infrastructure. Fatih Birol, the IEA’s Executive Director, said: “It is essential to bring everyone on board, especially at a time when geopolitical fractures on energy and climate are all the more visible. The journey to a more secure and sustainable energy system may not be a smooth one. But today’s crisis makes it crystal clear why we need to press ahead.”
World Energy Outlook 2022 is out now! 🚨#WEO22 shows that the global energy crisis can be a historic turning point towards a cleaner & more secure future.
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— International Energy Agency (@IEA) October 27, 2022