Why it is worthy to read (also) this year's World Energy Outlook: 10 key reasons

Few days ago the IEA has released its flagship publication, the WEO-2021. This year’s edition is thinner, more agile and compact. But its lighter version does not reduce the value and depth of its content. On the contrary. Being designed as an handbook for a crucial COP26 Summit, it offers a glimpse not only in our energy and climate future. But also encourage deep thoughts on what such extraordinary journey means for our society and all of us.

?10 key personal reflections

1. The scale challenge to transform the sector is immense. It is not – per se – a completely new element, but the report has the great merit to clearly quantify how large is, where we are now and where we have to go. Certain tasks are herculean – among those to make energy intensity progress of 4% - a value that is simply unprecedented, just to name one. But the direction is set.
2. There are big contradictions to address in such challenge. The dilemma of investment in oil and gas resources is probably the most evident one with a net misalignment of current consumption levels and scarcity of investment in supply. To conjugate such different souls is going to be THE headache of the next years, bringing – I am afraid in an almost unavoidable way – turbulences and bumpy moments
3. First things first. The issue is not (mainly) supply – the issue is DEMAND. This is one of most dangerous mistakes in the global energy debate: Looking only at supply side of equation is easier and straightforward, but a tentative of transforming our society by looking only to supply can exclusively generate one thing: an energy crunch that the poorest – as it is always the case – would be the first to face and to pay.
4. There are big business, social and economic opportunities to catch. WEO-2021 does not only remind clearly what could be the cost of inaction, but it quantify how, what and where the opportunities for a clean energy industry are. This is a big merit, as it makes unmistakably clear that a race has started and not joining it can have an extremely high and unaffordable bill
5. But setting up a new economy is far from being easy.?New basic resources, new materials, new minerals and new supply chains need to be established, creating new links among regions, communities and sectors. Difficulties will be many; resistances massive ones.
6. Money please… a tonne of money. The change requires a pile of trillions of dollars to happen, and – surprisingly – the money are not the key bottleneck. But the clean energy transition cannot be only fair and right. It needs to be profitable. Or capitals will flow somewhere else.
7. Basic rules of physics still matters. Here the magic word is “innovation” – without major technology progress (if not breakthroughs) the rules of the physics will make impossible to provide the energy needed in a sustainable, affordable and reliable way. It is time to make in R&D what we have done for renewables deployment over the last 15 years!
8. Energy and climate becomes mainstream everywhere. The implications of ongoing journey go well beyond the way energy is produced or consumed. Sustainability becomes central in all aspects of our economies and behaviours, determining the destiny of industries, communities and international relations.
9. Responsibilities are shared. governments are the only ones entitled to drive such extraordinary journey. But citizens cannot merely remain in the backseats. Everyone has an important role to play. No time and no space for excuses.
10. But WEO shows in a limpid way and with no doubt that there is always hope! The door is still open, although narrow and only for the brave.

?The race has start. Long and successful life to the race!!!?