As the urgency in addressing global warming becomes more apparent and energy access remains unequal, the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development, held at the end of April in Riyadh, Saudi Arabia emphasised the need to expedite the transition into sustainable energy.

The event gathered energy experts worldwide to discuss financial, technological, and policy solutions to promote the use of clean energy, while ensuring inclusive growth.

More than 1,000 people took part in the forum, including leading political, economics, energy, and technology personalities. 

Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, the Saudi minister of energy, underscored the importance of a globally co-ordinated approach to the energy transition, emphasising the need to include developing economies to avoid leaving anyone behind.

The kingdom has stressed that it aims to play a critical role in maintaining global energy security for its trading partners, and help with global energy transition over the next few decades.

Other participants underscored the necessity of universal energy access, particularly in emerging African markets, and advocated for the exploration of various fuel alternatives like biofuel and hydrogen. Meanwhile, the need for energy security and responsible energy transition was also highlighted, recognising the continued significance of the oil and gas industry in the global energy supply.

Others discussed the importance of accelerating the adoption of renewable energy sources and ensuring proper financing mechanisms to support their viability. At the other end of the spectrum, countries have to combat rising energy costs, emphasising the increased utilisation of renewable energy sources.

Some regions, such as the European Commission, are diversifying their energy sources, focusing on renewables such as wind and solar to reduce reliance on gas, especially after a series of geopolitical events that have disrupted global energy trade flows.