London, 30 April 2024 -- In a sobering assessment of the global energy sector's progress towards net-zero emissions, Stuart Broadley, CEO of the Energy Industries Council (EIC), has indicated that the industry is falling far short of the ambitious 2050 targets.
Broadley cited findings from the EIC's recent Net Zero Jeopardy Report, which reveals widespread scepticism among energy professionals. Nearly 90% of those surveyed doubt the feasibility of interim targets set for 2030 and 2035, largely due to a significant shortfall in orders for sustainable energy technologies including offshore wind, solar power, hydrogen, and carbon capture.
In an exclusive interview with Astro AWANI, one of Malaysia’s top TV networks, Broadley detailed the challenges highlighted in the report. He said that the current level of business engagement in technologies aligned with net-zero targets is "much lower than anticipated and insufficient to meet the targets countries have set for themselves."
He also noted a stark contrast in funding across different sectors. Whilst about 50% of new nuclear projects have secured financing, less than 6% of offshore wind projects and only about 3% of projects in technologies required for hard-to-decarbonise sectors, like hydrogen production and carbon capture, have received funding. He said the low rate of financing for wind was “a damning outcome for what is seen globally as one of the easier technologies to implement for achieving net-zero.”
Broadley pointed out to the importance of international cooperation and learning from the successes of others, such as the UK, which has significantly reduced its carbon emissions through decades of dedicated effort. He concluded that collaboration and trade are crucial for a unified global approach to addressing these formidable challenges.
For more information about EIC, please visit: https://www.the-eic.com
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The EIC is an award-winning global trade association for the energy supply chain with a worldwide membership of over 900 companies covering all energy sectors. Established in 1943, EIC advocates for its members by working closely with governments and key stakeholders. We work on behalf of our members across governments and agencies to reflect their needs and raise the voice of the supply chain globally. Our expert analysts and consultants produce insightful reports and bespoke market intelligence. In recognition of our commitment to excellence, the EIC was honoured to receive the prestigious King's Award for Enterprise in 2023.