Energy transition will require collaboration between advanced and developing economies.

That’s one of the key findings of a new report by the International Energy Forum (IEF) and S&P Global Commodity Insights.

The report is an outcome of a series of dialogues held over 2022/23 in Cape Town, Bali, Riyadh, Washington DC, Panama City, and Davos, as well as roundtables held in conjunction with CERAWeek by S&P Global in Houston, Texas.

It presents viewpoints expressed by 350 participants from industry, government and civil society.

Participants expressed that although significant development has been made in the renewables market, progress is uneven around the world.

The report notes that funding bans on areas of energy production raise the cost of energy, impede economic growth and threaten to undermine public support for the transition when competitive alternative energy sources are not yet available.

Joseph McMonigle, Secretary General of the IEF, said: “Expectations of a linear global transition have been shaken as climate goals coexist with priorities around energy security, energy access, and affordability.

“Instead, a multidimensional approach is required that is inclusive of different situations in different parts of the world, reflecting varied starting points, a diversity of policy approaches; and is equitable.”