BAKU, Azerbaijan, June 5. Energy companies ought to grasp the intricacies of market supply and demand mechanisms, Group CEO and Chairman of the Advisory Board of GL Group Asif Zeynalov said during the "Executive Talks: Energy Security 2.0" panel at the 29th Baku Energy Forum in Azerbaijan, TurkicWorld reports.
Zeynalov highlighted that energy security entails access to a consistent, dependable, and cost-effective energy source.
"This definition encompasses all forms of energy, from oil and gas to renewables like solar power. Present-day data underscores the criticality of this role, with substantial investments being made globally in greener and safer energy alternatives.
Statistics show that worldwide oil and gas usage exceeds pre-pandemic levels, despite efforts to cut carbon emissions. Geopolitical events fueled this tendency. We believe energy businesses must better comprehend market supply and demand. They must understand the risks and benefits and plan a fossil fuel-to-cleaner energy transition. Prioritizing investments in existing industries is crucial for a smooth transition," he emphasized.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, the UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
