The Realities of Energy Transition

Abstract The energy demand is at a crossroads, and the renewables cannot pick up the slack. At the same time, the global demand for energy continues to grow in developing countries where industrialization and population growth are increasing the demand for more energy. Although the costs of renewable technologies, like solar and wind, have decreased, the initial capital required for project development, installation, and maintenance is still significant. As such, the potential "hype" of renewable energy alternatives has not corresponded to an interest growth by the investors. This has deterred investment, especially in regions with limited financial resources. The energy landscape is shifting towards more options. Oil, gas, and potentially nuclear will remain a significant part of the energy basket due to the increasing trends in demand, technological innovations, economic implications, and concerns about energy security. There is a growing need to access abundant energy sources, and realistically, we witness the era of energy expansion rather than energy transition.