To attain the target level of renewable energy, around $20 trillion will be required globally, Stanislav Yankelovich from Boston Consulting Group said at the SPE (Society of Petroleum Engineers) Technical Conference in Baku, Trend reports.
“Despite widespread support, the energy transformation necessitates significant investments. This comprises money for creating low-carbon infrastructure (about $4 trillion) and around $12 trillion for the development of solutions that enable end-users to embrace low-carbon technologies,” he explained.
Yankelevich emphasized that despite the commitment and support of countries around the world, there is a significant investment gap, partly related to technological and human resources impeding this transition.
The SPE Caspian Technical Conference started on November 21 in Baku and will continue until November 23. It will bring together global industry leaders and technical experts to share perspectives on the industry and address the unique challenges and opportunities it
presents.
Taking into account the key role of the Caspian region in shaping future global energy dynamics, this conference, organized with the assistance of the State Oil Company of the Republic of Azerbaijan (SOCAR), will feature an expert-selected high-level program, panel discussions on key issues facing the region, and a unique opportunity for networking with experts in oil and gas production.
The program will include an assessment of the current situation and offer important discussions for investors, operators, service company representatives, and government authorities in the region.
Source: Trend News Agency