BAKU, Azerbaijan, June 6. Building a future energy system entails prioritizing electrification, with increased generation from renewable sources playing a pivotal role, Senior Vice President ESG Transformation at bp Alan Haywood said during the "Empowering and accelerating green transition: strategies for COP29 and for Green World" panel at the 29th Baku Energy Forum, Trend reports.
"Energy serves as the foundation of our social and economic structures, meeting the needs and aspirations of individuals worldwide. It provides heat, light, and mobility, catering to the essential requirements of people," Haywood articulated.
He emphasized the necessity of reimagining the energy system, a task best undertaken by those already entrenched in the sector, in collaboration with others.
"It's a crucial endeavor, bringing together diverse organizations, governments, and individuals. Rethinking is imperative as the world's finite carbon budget diminishes. While market forces can steer the transition, the question remains whether they can do so swiftly enough. Hence, expediting the transition is paramount. Achieving the goals of the Paris Climate Agreement demands the participation of all stakeholders. While change is familiar in the energy sector, the focus should not solely be on the ultimate goal of achieving global zero emissions, as scientists have clearly indicated. Rather, it is vital to acknowledge that there may be multiple paths toward this goal," the senior vice president concluded.
He expressed that while the significance of fossil fuels, namely oil and gas, will diminish gradually, they will retain relevance for many years to come.
"However, for them to remain viable within our energy framework, decarbonization is imperative. This entails embracing technologies such as carbon capture and storage, biomass with sequestration, natural climate solutions, direct air capture, and storage. Concurrently, we must strive to construct a future energy system where electrification, bolstered by augmented generation from renewable sources, assumes a central role. Technology will be pivotal in this endeavor, enhancing energy accessibility, while societal and policy factors will propel this transformation," he said.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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