Global instability fuelling shift in energy and climate priorities for business leaders – survey

Global business leaders say a resilient energy supply should be a top governmental priority in the areas of energy, industry and the built environment, found a biennial survey of 1,400 senior executives commissioned by Siemens.

Asked about policy priorities for the next three years, respondents ranked a resilient energy supply and renewables expansion in the top rung, with national energy independence and a proactive management of climate risks making the biggest gains compared to 2023, according to the Siemens Infrastructure Transition Monitor.

Meanwhile, the phasing out of fossil fuels and decarbonisation of heavy industry slipped down the policy priority ranking in the survey of executives and experts in 19 countries working in sectors from energy and transport to health technology.

More than half of business leaders say resilience (53%) and energy independence (52%) are already maturing in their countries, signalling a shift in infrastructure priorities. Yet as security and resilience take centre stage, optimism about climate goals is fading: 57 percent of executives anticipate increased fossil fuel investment in the next two years, while 37 percent now believe they’ll meet their 2030 decarbonisation targets – down from 44 percent in 2023.

Some 63 percent of respondents said “policy uncertainty is a growing threat to the success of the energy transition.” Siemens attributed the shifting sentiment to mounting global instability driving market and supply chain volatility. Energy is increasingly being wielded as a geopolitical tool, prompting governments to prioritise security, independence, and resilience alongside climate mitigation. AI and digital technologies could be key to helping businesses and governments accelerate the shifts to renewables, while ensuring reliability, added Siemens in a statement.