Shahbazov: Unilateral approach to energy transition can pose serious risks

Unilateral approach to the energy transition can pose serious risks, Azerbaijan's Energy Minister Parviz Shahbazov said at a panel discussion on "Global Cooperation for a Resilient and Sustainable Energy Future" held within the framework of the 30th edition of the Baku Energy Forum ​​​​​​and the 13th Caspian International Energy and Green Energy Exhibition on Tuesday, Report informs.

According to Shahbazov, the past few years have shown that energy security can no longer be taken for granted:

"Ensuring the reliable supply of oil and gas remains vitally important. A model that seeks to completely phase out hydrocarbons is, at this stage, unrealistic — and a unilateral approach to the energy transition can pose serious risks. Over the past 30 years, the global share of hydrocarbons in primary energy has changed only marginally — by just 5 percent. Today, hydrocarbons still account for over 80 percent of primary energy consumption in the United States, nearly 90 percent in China, and 70 percent in the European Union. These figures speak for themselves: alternative energy sources are not replacing traditional ones — they are complementing them."

The minister believes that, given the continued central role of oil and gas in the global energy mix, and the likelihood that this will remain the case for years to come, it is essential that financing for the sector is timely and not delayed: "The diversification of energy sources, resources, trade routes, and supply chains should remain a top priority for ensuring sustainable energy security."