(MENAFN- Trend News Agency)
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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