Energy industry leaders say the energy transition is accelerating faster than ever, and that 2022 is set to be a strong year for industry growth, as set out in a new global report from DNV analysing the views of more than 1,000 senior energy professionals
Senior industry players from across power, renewable and oil and gas believe the huge commercial opportunities presented by the transition outweigh the risks to their businesses, according to The Power of Optimism: Managing scale and complexity as the energy transition accelerates.
Energy leaders are finding most confidence from their own company’s strategies within renewables and low-carbon gas, followed by expectations for supportive policy changes and reforms. Confidence for growth is highest among power and renewables companies, and while it is lower in oil and gas, the sector has bounced back from a crash in confidence going into 2021.
Skills shortages are the greatest barrier to growth for the energy industry, followed by a lack of policy support. Renewables players say permitting and licensing issues are the greatest barrier to growth, and the power and renewables sectors both point to supply chain pressures as a significant barrier.
“We see an optimistic energy industry: confident about growth, boosting investment, and making critical strategic decisions in the energy transition. But we also see significant concerns about barriers to progress – from a skills shortage, to policies, financing, supply chains, and permitting – as the enormous task of transforming the energy system gathers pace,” said Ditlev Engel, CEO, energy systems at DNV.