Baku: "Monitoring shows global energy transition is not occurring at sufficient pace," said Ian Simm, Director in Wood Mackenzie's consulting division, during the 'Caspian and Central Asia Oil Trading and Logistics Forum' organized by GLENMAR Group, APA reports.

According to Azeri-Press News Agency, Simm highlighted that over the past year, it has become apparent that the energy transition is not advancing quickly enough to meet net-zero targets by the set deadlines. The company has now incorporated a delayed transition scenario into its forecasts, projecting a five-year lag in reaching these goals.

Simm explained that this revised scenario anticipates higher production and demand for energy over an extended period, underscoring the challenges faced in accelerating the transition to sustainable energy sources.