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5 Conclusion Several environmental, macroeconomic and effects of climate change. Most of these have geopolitical events over the past decade have existed for decades but will need greater and more affected the energy system in myriad ways and targeted investment or incentives. To ensure an highlighted the complexities of the energy transition. equitable transition, greater investment will also be Over the past decade, the world has made required in skills training, research, innovation and signi昀椀cant strides towards transitioning to low- incentives to build sustainable supply chains that carbon energy systems, although not at the pace 30 Policies have protect ecosystems and cultures. required to achieve net-zero emissions by 2050. emerged but require implementation. The lack of consistent and balanced progress for many countries highlights the challenge of The focus of the energy transition needs to shift navigating the energy transition. to more populous and developing nations in Asia, Latin America, Africa and the Middle East, as By elevating energy security to be a cornerstone of they account for a signi昀椀cant portion of the world’s the framework, advances in the secure dimension population as well as global carbon emissions. can be seen as countries aim for a stable and While several countries are committing to the secure supply of energy to maintain economic energy transition and have vast renewable energy growth, national security and the well-being of their resources, they lack the 昀椀nances and technical populations. Very few countries, however, are know-how to develop them fully. By collaborating advancing momentum across the equitable, and providing support, a more secure, sustainable secure and sustainable dimensions, and and equitable future can be found for many. improvements in security are being delivered at Bolstering the enabling environment will put these the expense of the others. The strong competition countries on the leading edge. for secured access to gas suppliers and stocks replenishment, along with concerns about security As for the upcoming COP28 summit, which will of supply, pose signi昀椀cant challenges for the include the conclusion of the 昀椀rst Global Stocktake, upcoming winter. Additionally, some areas will an assessment of the world’s progress towards come under future scrutiny, such as the importance achieving its climate goals. The stocktake will of critical raw materials, upcoming regulatory capture what countries and stakeholders are doing obligations for reporting on sustainable investments, or failing to do to ful昀椀l the Paris Agreement. What is and the vulnerability of energy systems to extreme clear from this year’s ETI, however, is that countries weather events. must move at a faster pace than they are now to transform their energy systems; moreover, While a decarbonized future energy system can the window for such effort is closing. The actions provide energy security dividends from abundant taken in the early years of this decade of delivery will and localized low-carbon energy sources, ensuring be critical in ensuring that strong, long-term ambition 31 energy security and affordability through the is supported by immediate progress. The focus transition will require fossil fuels in the medium must be on enhancing an equitable transition, which 29 Countries will need to adjust demand has been traded off rather than enabled by the term. and improve economics of supply to minimize focus on the secure and sustainable dimensions. emissions. Cleaner energy sources and The energy transition must be made resilient to technologies will be required in the next two to maintain speed under current volatilities and during three years to meet 2030 targets and limit the potential future domestic or international disruptions. Fostering Effective Energy Transition: 2023 Edition 33

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