Can Czechia stand aside from decarbonisation? And do we even want to?

While the whole world is addressing decarbonisation, tiny Czechia still behaves as if it does not concern it at all. Yet the view that reducing greenhouse gas emissions is just another invention of politicians that should be ignored is very dangerous for us. Decarbonisation is currently being driven primarily by major global companies that power the global economy. And those who do not quickly board the moving train may not get another chance.

At prestigious global energy conferences, all the heads of the biggest players in the oil industry, such as Saudi Aramco, ExxonMobil, Chevron, Shell, BP and TotalEnergies, agree: decarbonisation is necessary and is a key part of corporate strategies and budgets. Very specific steps are being taken to achieve it. One company aims to achieve zero emissions from natural gas production in a given area by 2030. Another has increased investment outside oil and gas from around 3 percent in 2018 to the current 30 percent. European oil companies in particular intend to become the world's largest energy companies. They will supply oil and natural gas, capture and store the CO2 produced, and also supply green electricity and, in the future, green hydrogen.

The chief executives of the largest mining companies and the top representatives of global suppliers such as ABB and Siemens Energy speak in a similar vein to the heads of the wealthiest oil companies. Other globally significant companies are looking forward to new opportunities offered by hydrogen and storage. Everyone is talking about Scope 2 and Scope 3, terms denoting indirect emissions, including those from supply chains.

What anyone in Czechia thinks about global warming is therefore of little importance. Global business accepts decarbonisation as a significant and inevitable step. Those who fail to adapt will ultimately lose out in the competitive battle. After all, according to the International Energy Agency, global investment in clean energy will reach $1.7 trillion this year, compared with just $1 trillion in fossil fuels. The first figure includes investment in renewables, nuclear power, storage, electrification and energy savings. Investment in photovoltaics alone will reach $380 billion and exceed investment in oil for the first time.

Do we really want to remain on the sidelines?