The Energy Transition To Renewables - Have Things Really Changed?

Conventional (oil and gas) energy companies have made record profits in recent years. In the midst of a climate emergency and era of net zero emission targets, the profits raise the question; what is the true scope of the energy transition, and are these companies changing their habits?

The "energy transition" describes the global energy sector's shift from fossil fuel-based systems of energy production and consumption (for example oil, natural gas and coal) to renewable energy sources like solar PV and offshore wind. The International Energy Agency (IEA) is a global organisation who works with countries around the world to shape energy policies and focuses on a secure and sustainable future. The IEA report on World Energy Investment 2022 provides valuable insights into the scope of the energy transition across the globe.