Participants attend CERAWeek in Houston, Texas, the United States, March 7, 2022. CERAWeek, one of the largest and most influential global energy forums, kicked off on Monday. (Photo by Yi-Chin Lee/Xinhua)
HOUSTON, March 7 (Xinhua) -- CERAWeek, one of the largest and most influential global energy forums, kicked off on Monday amid soaring oil prices driven in part by the Ukraine crisis.
Global energy markets remain volatile and uncertain, the organizers said in a statement, noting that "rising geopolitical tensions and nationalism, growing trade friction, supply chain bottlenecks, economic headwinds, and the pandemic" are complicating the picture.
"The global energy industry is at a critical inflection point," the statement said. "The pace of change is accelerating."
The organizers recently added a number of sessions focusing on the shockwaves of the ongoing conflict in Ukraine and the volatile prospect of the global energy market.
The U.S. national average for a gallon of regular gasoline hit 4.009 dollars on Sunday, the highest since July 2008, according to the American Automobile Association.
Another strong week for oil ended on Friday as Brent crude, a global benchmark, hit a fresh high. The West Texas Intermediate, another benchmark, also saw its highest finish since September 2008.
Analysts expect the uptrend to continue due to the evolving Ukraine crisis, with the sting of rising prices impacting consumers worldwide amid higher inflation.
"We're meeting not only at a time of political turbulence but also turbulence in the energy markets -- extreme turbulence of a kind that's rarely been seen," said S&P Global Vice Chairman Daniel Yergin, who chairs the conference.
With the theme, "Pace of Change: Energy, Climate, and Innovation," the topics of the five-day conference vary, ranging from a global hydrogen marketplace to low-carbon innovation and criteria for investing in early-stage companies.
Policymakers, industry leaders and researchers from more than 70 countries and areas across the world will also discuss how to reshape the energy transition strategy and structure via pathways including new business models, disruptive technologies, and innovative partnerships.
"The world has a viable pathway to building a global energy sector with net-zero emissions in 2050, but it is narrow and requires an unprecedented transformation of how energy is produced, transported and used globally," the International Energy Agency wrote in a report released in 2021.
However, in the wake of the Ukraine crisis, the world now faces much harsher challenges to meet ambitious emissions targets while also securing the energy supply for a growing world economy, observers said.
This year marks the 40th anniversary of CERAweek, which was held all-virtually last year and cancelled in 2020 due to concerns over the COVID-19 pandemic. ■
Participants attend CERAWeek in Houston, Texas, the United States, March 7, 2022. CERAWeek, one of the largest and most influential global energy forums, kicked off on Monday. (Photo by Yi-Chin Lee/Xinhua)
