In the power sector, investment in clean technologies outstripped fossil fuels by 10 to 1. This shift is driven by the existential threat of climate change, a shared recognition that energy security is national security, and the understanding that clean energy is the route to delivering energy security and growth for citizens.

This is a shift we have been working towards for years. It was reinforced by the collective goals set out at COP28 in Dubai to ensure a fair and just energy transition in line with national circumstances. As renewables and other cleaner forms of energy assume a larger share of the energy mix, the share of fossil fuels will continue to decline.

The situation is clear: a clean energy transition is happening, and it is here to stay. We must ensure it is a just and equitable transition. That is the only approach that will truly be good for the planet, people and innovation. A just transition will help lower costs, promote growth, create new jobs and strengthen local economies. It will also promote energy security, as home-grown energy shelters consumers and businesses from market volatility.

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