Bureau Veritas – Global Energy Transition Report, 2023

The Bureau Veritas Global Energy Transition Report 2023 is focused on whether the world can meet the goal set by the Paris Agreement to limit global heating to 1.5°C. The report highlights the crucial role of the energy industry in achieving a transition to a low-carbon economy, but emphasizes that significant acceleration is needed to meet the required pace of capacity growth in renewables and decarbonization of the energy system. The report aims to explore and address the major barriers to accelerating the energy transition by presenting insights from energy leaders and experts. It sets out practical solutions to overcome these barriers, with the goal of setting a roadmap for change. The report emphasizes the urgency of action, citing the 6th Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) released in March, which warns that the world is in deep trouble due to climate change. The energy industry is described as being at the forefront of this crisis and has embarked on an Energy Transition over the past two decades to move towards net zero emissions. While significant progress has been made, the report states that the pace of change is not fast enough and a rapid acceleration is required in the coming years or even months. To inform the report, Bureau Veritas collected insights and opinions from over 800 market experts and industry leaders from all corners of the energy sector. The report focuses on the short-term barriers that need to be addressed to accelerate the energy transition and limit global heating to 1.5°C. It investigates issues such as government policies, technological advancements, supply chain challenges, and workforce topics. Overall, the report concludes that urgent action is necessary to secure a livable future for all and highlights the importance of removing barriers to achieve the full potential of the energy transition.