WECA 2025: Energy Council's Commitment to Assisting Energy Sectors in Navigating Upstream Investments and Low-Carbon Futures
The Energy Council
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The global energy sector is currently navigating a formidable challenge—the energy trilemma. Balancing sustainability, security, and affordability is crucial as the world contends with a booming population and escalating climate commitments under the Paris Agreement. These dynamics position the energy sector at a crucial intersection of challenges and opportunities, with the demand for innovative and effective solutions at an all-time high.[1]
According to McKinsey & Company, global energy demand is projected to grow between 11% (in the Continued Momentum scenario) and 18% (in the Slow Evolution scenario) by 2050, primarily driven by the growth of emerging economies.[2] These regions are experiencing rapid population surges and a burgeoning middle class, factors that are poised to significantly amplify energy consumption. The pivotal question remains: how will the world meet this escalating demand whilst adhering to stringent environmental targets?
To secure energy reliability and affordability for the future, transitioning to a sustainable landscape requires a comprehensive approach. This strategy includes expanding renewable energy sources (RES) whilst also advancing traditional energy developments. Such a multifaceted approach is essential for ensuring long-term energy security.
Despite ambitious global efforts, current emission trends indicate we're not on track to limit warming to 1.5°C, highlighting an urgent need for stronger climate action. The traditional energy industry, with its resources and technological edge, is well-positioned to lead this shift. Through carbon capture, utilisation, and storage (CCUS) and direct air capture, the industry can not only significantly cut its emissions, but allows hard to abate sectors to operate within agreed carbon limits. This builds on the burgeoning success the industry has already had with support of wider industry efforts, as we have witnessed with areas such as offshore wind O&M.
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Report: Southeast Europe Gas Markets
Explore the critical shifts in Southeast Europe’s energy landscape with our complimentary report, "Southeast Europe Gas Markets – Reconfiguring Supply Flows and Replacing Russian Gas" by Julian Bowden, Senior Visiting Research Fellow at The Oxford Institute for Energy Studies. Key Highlights Include:
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