First, there is no one-size-fits-all solution. Different industries and regions are facing differing challenged in their energy transitions and will require strategies that best suit their needs. Broadly speaking, increasing energy efficiency is one of the first and best steps to take, followed by or together with developing alternative, low-carbon sources of energy.
While power generation accounts for around 38 percent of all emissions. A successful energy transition strategy will also consider other energy-related emissions including shipping, transportation and industry. This will involve quickly scaling-up technologies such as the production of green hydrogen to develop zero- or low-carbon drop-in fuels. In cases such as industry where increased energy efficiency and alternative energy sources aren’t possible, then carbon capture and storage technologies should be considered
Given the size and complexity of the energy transition, strategies will have to take on a multi-stakeholder approach, involving both public and private sectors. Businesses may have taken on more initiative to drive the energy transition, governments still need to set policies that level the playing field for clean energy technologies and encourage investment.
It's also important to remember that sustainability goes beyond lowering emissions. While the energy transition is driven primarily by environmental concerns, any energy transition strategy must consider that power generation is directly related to economic growth and development. Energy transition strategies will also have to take energy security, energy affordability and energy access into account alongside environmental sustainability.
Lastly, the window of time left to mitigate the impacts of climate change is quickly closing. Immediate short-term action is required, with verifiable targets, followed by strategic mid- and long-term action for the complete transformation of energy systems worldwide, such as scaling up the production of green hydrogen and carbon capture facilities. Typically energy transitions are a lengthy process, but to limit global warming to 1.5°C above pre-industrial levels, this transformation must take place over the next 25 years.
