Our CEO, Dr. Carole Nakhle, was delighted to speak on the opening panel of the Duke of Edinburgh Future of Energy Conference, organised by the Worshipful Company of Fuellers, the City of London Livery Company representing the energy sector.
Dr Nakhle focused on the critical role of government policies in driving and accelerating the energy transition—one that differs markedly from previous major transitions, such as the move from biomass to coal and then to oil, in its scale, desired speed, and underlying drivers.
She highlighted several key points:
- Policy volatility remains a major challenge. Government decisions often shift with political popularity. The 2022 energy crisis demonstrated how quickly policies can be reversed or reshaped in response to social discontent, particularly when driven by higher energy prices.
- Energy outlooks must be interpreted with caution. Most projections rely heavily on policy assumptions, making them inherently uncertain. Comparisons between outlooks published by different organisations are also difficult as each uses distinct methodologies and assumptions.
- Actions matter more than announcements. Ahead of COP28, Dr Nakhle stressed that what countries do is more important than what they say. Following COP26, all nations committed to revisiting and strengthening their climate plans, yet only 24 new or updated plans have been submitted since.
- A truly just energy transition must include everyone. But what does “just” mean in practice? In parts of Sub-Saharan Africa—regions rich not only in hydrocarbons but in the minerals and metals essential for the transition—concerns about climate colonialism are growing. Many communities live in severe poverty, far from being able to afford electric vehicles or other clean-energy technologies.
In addition to exchanging perspectives with distinguished speakers, Dr Nakhle expressed her pleasure at witnessing the genuine interest of a senior member of the British Royal Family in global energy issues and in the future of the energy transition.
