What will 2024 - and beyond - hold for energy across the globe?
Energy Transition

Energy at Davos 2024: What you need to know

Deep dive

What will 2024 - and beyond - hold for energy across the globe? Image: World Economic Forum

Gayle Markovitz
Acting Head, Written and Audio Content, World Economic Forum
Joe Myers
Writer, Forum Agenda
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This article is part of: World Economic Forum Annual Meeting
  • 'A Long-Term Strategy for Climate, Nature and Energy' is one of the key themes at the World Economic Forum's Annual Meeting in Davos.
  • By bringing together key stakeholders from across the public and private sectors at Davos, we will drive actions to strengthen the business case for the energy transition and transform energy demand.
  • Below you can see some of the key sessions, reports and initiatives at Davos 2024.
  • Check back here for regular updates throughout the week and use the navigation bar on the right to catch up on what you've missed.

The World Economic Forum’s Fostering Effective Energy Transition 2023 report, released in June, once again demonstrated the complexity of the challenges facing global energy systems.

With progress on the energy transition plateauing amid geopolitical volatility, the result has been an emphasis on security and sustainability, with equity suffering as a result.

Positive trends remain though, driven by factors like investment in clean energy and the ongoing emergence of new technologies.

What will 2024 - and beyond - hold for energy across the globe? At Davos, we’ll bring together experts from the public and private sectors to look at opportunities and challenges. Here’s what you need to know.

Live updates on key energy sessions

Key quotes from Davos sessions on energy.

What to know from Day 2

The link between energy and geopolitics has never been more visible. Leaders from business, politics and academia, including Kadri Simson, the European Commission's Commissioner for Energy, discussed how we can speed up the transition to a more secure, sustainable and equitable energy future.

Report

Transforming Energy Demand

By 2050, estimates indicate that the global economy will have doubled in size and will be serving a population of over 10 billion people. Improving energy efficiency is critical to delivering an affordable, secure and climate-aligned future.

Fatih Birol, Executive Director of the International Energy Agency (IEA), said it was a "dream" that attention on energy efficiency is growing. He listed four reasons why energy efficiency is very important:

1. To protect consumers from high energy bills.

2. For energy security: "If you use less energy, you import less energy."

3. For the competitiveness of industries.

4. To reduce environmental footprints, to address climate change.

"It's a no-brainer. But we have not seen enough policy attention on energy efficiency. So today is a very good day."

What to know from Day 3

The transition to clean energy requires significant increases in the supply and use of critical minerals. This session looked at how we can ensure reliable and sustainable supply chains for these minerals.

Speakers included Zeng Yuqun, the Founder, Chairman and CEO of Contemporary Amperex Technology (CATL), and Leila Benali, Minister of Energy Transition and Sustainable Development, Ministry of Energy, Mines and Sustainable Development of Morocco.

In the last 10 years, there has been underinvestment across the board in the mining industry, said Benedikt Sobotka, CEO of Eurasian Resources Group Sàrl.

It's a perfect storm. On the one hand, you have the biggest purchase order in history of the energy transition... And then you've got an industry that is really not geared up to deliver on these targets.

Benedikt Sobotka, CEO of Eurasian Resources Group Sàrl.

Recycling is increasingly important, said Benali: "We need to develop standards collectively to certify recycled metals and minerals, particularly those that are critical to the energy transition."

Renewable capacity must increase threefold in the next six years to meet climate and energy security goals. However, for countries to succeed in pursuing this massive infrastructure deployment, the transition must deal with questions on permitting, land use, community acceptance and biodiversity.

John Kerry, US Special Presidential Envoy for Climate, joined panellists to discuss the strategies that leaders can deploy to make the transition rapid and responsible.

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Jennifer Morgan, Germany's State Secretary and Special Envoy for International Climate Action, joined Veronica Nilsson, General Secretary of the Trade Union Advisory Committee to the OECD, Omar Andrés Camacho Morales, Colombia's Minister of Energy and Mines, and business leaders to discuss how to ensure the energy transition is just for all.

What to know from Day 4

Industrial clusters are essential in driving growth and employment, but are we maximizing their potential?

In this session, politicians and business leaders explored how we enhance cooperation and build a common vision for these clusters.

Security, equity, sustainability - the imperatives of an effective energy transition are constant, but achieving them remains elusive in an environment marked by economic and geopolitical shocks. As the urgency of achieving a low-carbon economy grows, how can the business, economic and societal case be strengthened to create sufficient momentum for energy 2.0?

Alexandre Silveira, Brazil's Minister of Mines and Energy, joined Vicki Hollub, President and CEO, Occidental Petroleum Corporation, and business leaders for this panel discussion.

Key publications on energy at Davos 2024

Securing Minerals for the Energy Transition

The energy transition requires a secure and continued supply of numerous minerals, which requires the mining and minerals industry to adapt its global supply chains.

This report identifies 10 high-priority risk management strategies to ensure this continued access.

Transforming Energy Demand

As global energy demands increase, efforts to manage energy consumption and reducing energy intensity are a vital part of the energy transition.

The Transforming Energy Demand whitepaper looks at actions for business and government to boost energy management, efficiency and carbon intensity.

Green Hydrogen: Enabling Measures Roadmap for Adoption in India

How can the transition to green hydrogen in India be accelerated? This report, produced in collaboration with Bain & Company, explores the role of public-private input across five key areas.

Building Trust through an Equitable and Inclusive Energy Transition

This report, launching on 17 January, will explore the increasingly clear link between energy prices, macroeconomic and social stability, and the role of individuals in an accelerating energy transition.

Equity and inclusivity are central pillars of energy system performance and a primary concern for stakeholders across government, business and beyond. Neglecting this pillar risks eroding trust in the transition, the report will warn.

Transitioning Industrial Clusters Annual Report

This report takes the experiences and perspectives of 20 industrial clusters in the Forum's World Economic Forum's Transitioning Industrial Clusters initiative. They demonstrate that businesses can implement the strategies needed to reach net-zero, while still attaining their full economic and employment potential.

Net-Zero Industry Tracker 2023

This report provides a detailed analysis of the progress heavy industry and transport sectors are making towards achieving net-zero emissions by 2050.

These sectors, which currently account for more than 40% of global greenhouse gas emissions globally, need a wide range of solutions to meet this goal. Collaboration between sectors and countries will be essential.

Initiatives and reports on energy

This initiative mobilizes collaborative actions to deliver a rapid and responsible energy transition through tripling renewables, optimizing grids and modernizing energy consumption.

This initiative brings together and accelerates co-located industries on their net-zero transition and their contribution to GDP growth and job creation.

By bringing together public and private stakeholders, this initiative will identify key challenges and solutions to unlock clean energy finance in the Global South.

This initiative examines the risks of a future gap between expected demand and supply for critical minerals required for the clean energy transition and proposes strategies to spur innovation and investment.

Creates an environment that allows hydrogen to realize its critical role in the energy transition and maps the enabling measures required for a hydrogen economy in key geographies.

Find out more about the Centre for Energy and Materials.

Related topics:
Energy TransitionForum Institutional
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Contents
Live updates on key energy sessionsWhat to know from Day 2 What to know from Day 3 What to know from Day 4 Key publications on energy at Davos 2024Initiatives and reports on energy

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