The Changing Energy Landscape
The transition to sustainable energy depends on many factors, like costs, geopolitics, and public opinion. As the transition moves forward, two pillars remain crucial: keeping people safe and reducing environmental impact. So, what’s next?
The Global Energy Mix
Frida Berglund, strategy consultant at DNV, shares key findings from their annual Energy Transition Outlook report. The report provides insights into the future energy mix and how to balance safety, sustainability, and security.
“We predict a shift toward a 50/50 balance between fossil fuels and renewables by 2050, but the pace of change depends on many factors,” Berglund says. Two major factors? Energy security and rising protectionism.
Photo: DNV Energy Transition Outlook 2024
A Barrier or a Catalyst?
Countries are increasingly working to reduce their dependency on energy imports and strengthen local supply chains. This can drive renewable expansion and electrification, as seen in China, which leads the way in solar power, electric vehicles, and battery production. “We’re seeing record sales of electric vehicles and massive expansion in solar and wind power. The speed of China’s transition is reshaping global energy markets”, says Berglund.
While protectionist policies can spur growth in some areas, they can also raise costs and hinder global collaboration. “There is a risk that diversifying from global supply chains can come at a too high cost that slows down the energy transition”, Berglund warns.
Trade restrictions and geopolitical tensions could disrupt supply chains, making it harder for other countries to access the technology and materials needed for their own transitions. Meanwhile, the ramp-up of national defence spending may divert subsidies to emerging technologies like hydrogen and CCS, necessary for decarbonising hard-to-abate industries.
Photo: DNV Energy Transition Outlook 2024
An Abundance of Opportunities … And Challenges
High financing costs, inflation, and shifting government priorities all add uncertainty to the energy transition. At the same time, there are major investment opportunities. Nations investing in clean energy now will be better positioned for long-term stability. Companies that adapt to changing policies and new market demands will gain a competitive edge.
“The energy transition is happening, but how fast and in what direction depends on how we handle risks and seize opportunities”, Berglund says.
What’s Next?
Berglund will continue this discussion at UTC 2025. The energy transition isn’t just about technology – it’s about policies, markets, and global cooperation. How do we navigate protectionism while ensuring access to critical energy solutions? How do we balance economic security with the need for rapid decarbonization?
UTC 2025 is where conversations on what’s ahead take shape. Subsea into the future at Verftet in Bergen 10th – 12th of June.
Subsea into the future at Verftet in Bergen 10th – 12th of June.
The most important thing we need to do to solve the trilemma is to collaborate and work together, and find solutions together, across competitors, suppliers, and the whole subsea domain.
– Svein Kjenner, Technip FMC
It has been amazing to connect with so many different people, seeing all the cool developments that Norwegian companies are doing here.
– Frida Berglund, DNV
UTC is a very important conference for us because we’re talking to experts in the field, the people who know what the future is like, business and technology wise. It is great to be here to present the technology.
– Philip Brachet, NOV
