00:00I'm here at Europe's largest expo for the energy industry, the Smarter E, where more
00:05than 3,000 exhibitors from all corners of the world are presenting their latest products
00:09and solutions for a future-proof energy world.
00:13Now, according to reports, close to 540 gigawatts of renewable energy capacity was installed
00:19worldwide last year.
00:20That's great.
00:21But those same reports also highlight that the momentum in this green energy transition
00:25away from fossil fuels is slowing down, resulting in the struggle for green, clean energy to
00:31meet our increasing global demands.
00:33So it is not that we are not able to produce it.
00:36It is more that governments are not creating the right market conditions.
00:40Fossil fuel is still subsidized, 11 million US dollars per minute.
00:45So this is one part.
00:46The other one is that 80% of the energy we consume comes through heat and comes through
00:52fuels.
00:53So governments focus very much on the power sector, but power is actually only covering
00:5823% of the energy demand.
01:02China is leading the way globally in its renewable production and capacity, and in so doing is
01:06also helping other countries with their energy transitions.
01:10However, economic volatility, heightened geopolitical tensions and technological shifts have all
01:16had an impact on the global energy transition.
01:19When we're looking in 2022, these are numbers, 2.6% of global GDP went into security and
01:26only 0.6% into renewable uptake.
01:29I really hope that governments realize now that renewables need to happen, need to be
01:34accelerated.
01:35It's an opportunity to build resilient economies and also social benefits.
01:41So it is jobs, it's health, it's equity.
01:44We can actually not afford to look back in five years to realize that we might have slowed
01:49down the energy transition because of protectionism.
01:54The world is able to produce the energy we need through renewables and reach net zero
01:58emissions by 2050 if efficient and effective measures are put in place by all governments.
02:04And looking at the vast diversity of exhibitors and visitors to this year's The Smarter E-Expo,
02:11seeing our future through green, clean energy is of global interest.
02:16Natalie Carney for CGTN in Munich.
