ISLAMABAD: There is strong global support across all countries and demographic groups for the energy transition to move away from fossil fuels despite rising energy prices.

A global survey of over 22,500 adults in 30 countries, conducted by Ipsos, a multinational market research group for the World Econ­omic Forum (WEF), found that, on average, more than half of consumers expect rising energy costs to significantly reduce their spending power in 2022. People on low incomes and those aged 35 to 49 were most worried about their financial future.

A majority of consumers worldwide expect their overall spending power to be significantly impacted by further energy price increases, yet only 13 per cent of those surveyed globally blamed climate policies for rising prices, while 84pc of respondents stressed the importance of their own country’s shift to sustainable energy sources.

Survey respondents were asked to consider the energy they use for daily expenses - such as transportation, heating or cooling homes, cooking and powering appliances - and assess how much energy price increases would affect their overall spending power. On average, more than half of consumers (55pc) across the 30 countries surveyed expect their overall spending power to be significantly impacted by energy price increases.

The most cited reasons on average were “volatility in the oil and gas markets” and “geopolitical tensions” (by 28pc and 25pc of respondents globally). Another 18pc cited insufficient supply to meet increased demand, 16pc said they were not sure, and only 13pc blamed climate change policies.

Globally, the level of impo­r­tance granted to shifting away from fossil fuels was also very high across all de­m­o­graphic groups surveyed. Although support was strong among all demographic groups, slightly more women (87pc) thought it was important to move away from fossil fuels than men (81pc).

Published in Dawn, March 31st, 2022