President Dr. Irfaan Ali has called for a balanced global approach to energy development, warning that the transition to cleaner energy will require massive investment and cannot come at the expense of supply stability.
Addressing the Offshore Technology Conference 2026 in Houston, Texas on Monday, the President said the world must confront both the realities of rising demand and the limitations of current energy systems.
“The energy transition is not a simple substitution of fossil fuels with renewables,” President Ali said.
He noted that it is a complex configuration where both systems must operate simultaneously to meet global needs.
President Ali pointed out that fossil fuels still account for more than 80 per cent of the global energy mix, underscoring its continued importance in supporting industrial growth, particularly in developing economies.
The President also highlighted a widening global energy gap, with demand outpacing supply, creating pressure on markets and increasing the risk of instability.
“The world does not simply need cleaner energy, it needs significantly more energy,” he stressed.
President Ali pointed to the scale of financial resources required to address this challenge, noting that global energy investment reached approximately US$3.3 trillion in 2025.
However, he warned that this remains insufficient to meet climate targets and future demand.
“The transformation of the global energy system is not simply a technological challenge. It is fundamentally a financial one,” he said.
He also raised concerns about disparities in investment, noting that the majority of clean energy financing is concentrated in major economies, while developing regions with the fastest-growing demand remain underfunded.
Calling for collaboration, President Ali urged stakeholders to adopt a practical and inclusive approach.
“We must find a balanced approach to the energy needs of the world and not be fighting as to which is better than the other,” he said.
