Research from DNV has warned that energy security concerns currently outweigh clean and affordable energy on the list of priorities for energy companies globally.
DNV analysed the views of more than 1300 senior energy professionals, based on a survey conducted during December 2022 and January 2023.
It found that energy security will take centre stage for oil & gas and power sectors in the year ahead.
Renewables players are maintaining their clean energy focus, while the priorities of industrial energy consumers contrast with their suppliers and partners, as they prioritise accessible and affordable energy.
In addition, DNV found that just 39% of energy professionals are confident about meeting decarbonisation and climate targets.
However, progress in the energy transition is the greatest driver of confidence among energy professionals for the year ahead, and a majority believe the energy transition is accelerating.
Some 80% of professionals in the renewables sector believe energy security concerns will lead to increased investment in renewables in the year ahead, while a majority (61%) from across the energy industry say their company can become more profitable by improving sustainability.
“The energy trilemma is in focus in 2023 as the energy system struggles on all three aspects. Russia’s invasion of Ukraine has reminded the world how fragile energy security can be; coal plants are being fired up while renewables projects come under pressure; and energy consumers are being pressed on the cost of energy,” says Ditlev Engel, CEO, Energy Systems at DNV.
“The trilemma is also in transition. In a complex and difficult year for the energy industry, we see the trilemma leading to competing priorities. But in a decarbonised energy system, energy sustainability, affordability, and security actually all pull in the same direction, and the public and private sector can resolve the trilemma through a new approach to scaling and implementation.”