Economic uncertainty is preventing many energy companies from accelerating the transition to low-carbon energy, according to new research from specialist insurer Beazley.
The study found that 76% of energy and utilities business leaders believe economic instability is distracting businesses from investing in the energy transition. Meanwhile, 79% said their organisations are finding it difficult to move away from carbon-intensive energy sources and meet net zero targets.
The findings come at a time of growing concern over energy security and rising demand for electricity from emerging technologies.
Renewed tensions in the Strait of Hormuz and increasing pressure on global energy supplies have highlighted the need for greater investment in renewable energy and resilient infrastructure.
Beazley’s research, based on a survey of 3,500 global business leaders, found that supply chain pressures, policy uncertainty and limited access to capital are slowing progress. Around 32% of executives ranked supply delays linked to the energy transition among their top three risks.
Despite these challenges, most businesses remain confident in their ability to manage transition risks.
The study found that 83% feel prepared to anticipate and respond to energy transition risks, while 84% said they are equipped to deal with environmental damage risks.
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