Energy security is a growing concern, and sustainability adds a new market fundamental to the traditional focus on maintaining market stability based on supply, demand, trade, and investment patterns. Dialogue among producers and consumers has become more forward-looking and dynamic in order to reach the United Nations Agenda 2030 Sustainable Development Goals.
A reassessment of the criteria for sustainable supply and use of natural resources is underway, not only in consumer countries but also in producer countries. The problem is not the destination but the speed and vectors of change. Together with much needed advances in renewables and clean energy technologies, hydrocarbons contribute the lion share of the global energy mix to enable inclusive and sustainable growth in both developed and growth economies. These place a different emphasis on affordable energy access and climate change. Though producing and consuming countries' energy sector transformations follow different pathways, only dialogue and cooperation will build the momentum to create a more sustainable world energy market.
The COVID-19 pandemic provides a chance to strengthen cooperation and seize new opportunities to harness markets, resources, and technologies that help us grow in a more sustainable manner. A swift and robust recovery toward a more sustainable and secure energy future relies on greater solidarity, deeper connections, and creative thinking across geographies, economic sectors, and knowledge networks.