As we approach COP27, it is important to understand that one of the defining features of the ongoing energy transition is its affordability and achieving net zero carbon emissions is not prohibitively expensive. Green and growing electricity, being the hero of the energy transition, being the main reason.

Since the Industrial Revolution, energy demand, cost and emissions have moved in lockstep with GDP growth.

However, as the world electrifies and societies reap the benefit of the associated energy efficiency improvements, energy demand – along with emissions and cost – will slow whilst global economic growth continues. This historic decoupling means that just 2.1% of global GDP will be spent on energy in 2050 compared to 3.4% today.