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‘We’re not on track for the energy transition’

It’s imperative that we bring the oil and gas sector with us in the transition.

This is what Nick Wayth, Chief Executive Officer of the Energy Institute told us at International Energy Week.

Mr Wayth said: ‘This is the first big energy conference since COP28.

‘We saw huge ambition delivered across multiple dimensions at COP28. But our data from the Statistical Review of World Energy tells us that we are not on track for the transition.

‘It’s so important that the world of energy gathers here this week to really figure out how we’re going to accelerate the transition to net zero.’

Nick Wayth told us that geopolitical tensions around the world have had a significant impact on the energy sector.

He said: ‘We’ve seen huge impacts clearly from the conflict in Ukraine, with the flows of energy around the world substantially changing for the last two years.

‘Although in the last week, we have begun to see gas prices back to pre-Ukraine levels.

‘But inevitability, geopolitics will continue to play a significant role in energy for the foreseeable future.’

Watch the interview below.

 

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