The challenge of building a sustainable energy future may be the biggest construction project in human history. Its goal is far broader than simply 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.
There is no single magic bullet to deliver this transformation, but a spectrum of accelerating technologies. It means optimising all the tools at our disposal, whether they are already rapidly scaling or still more embryonic.
There will regular interruptions and volatility, while the nature of transformation will vary by geography. But the underlying trend is already clear: the inexorable rise of renewable technologies, flexibility solutions and the electrification of end use, supported by efficiency measures and carbon removals.
A successful energy transformation must be financially sustainable. Its speed depends on the willingness to finance it and deploy capital where it has most impact. That means understanding and mitigating risks becomes more critical than ever. Sustainable business models will be the ones who can be profitable across volatile business cycles, supporting multiple investment cycles and compounding momentum.