The challenge of building a sustainable energy future has been called the biggest construction project in the history of human civilisation. Its goal is far more than limiting global temperature increases. It is the win-win-win of secure, clean, affordable energy, not just for the affluent 1 billion but for all of the world's projected 10 billion by 2050.
The challenge may seem monumental. Today the poorer half of humanity consume on average 90% less energy than the wealthiest 12%. And by 2050 energy demand is projected to grow by half again to ~120,000 TWh/year.
But this energy revolution is achievable. There is no single magic bullet, but a broad spectrum of accelerating technologies and trends. It will not be far from a smooth linear process - there will always be interruptions and volatility. But the underlying trend is already clear.
Delivering this revolution in energy requires applying and optimising all the tools at our disposal. These tools are at various stages of maturity: some are rapidly scaling up, others more embryonic. It is also about maximising efficiency and reducing the emissions intensity of existing energy vectors.
Today’s civilisation was largely built on fossil resources, but excessive dependence has brought volatility and insecurity. Each region will evolve differently, but rapidly expanding renewables capacity will be just one part of a wide and varied spectrum - see our Energy Themes.
To be successful, the revolution in energy must be financially sustainable. Its speed depends on the willingness to finance it and apply capital where it has most impact. That means understanding and mitigating risks becomes more critical than ever. Profitability across volatile business cycles is essential to support multiple investment cycles and to compound existing momentum.