The General Director Baltic Alliance urges ‘realistic’ path to energy transition
Eduard Ginzburg, General Director of Baltic Alliance, delivered a candid assessment of the global energy transition, emphasizing the need for a pragmatic and balanced approach to meeting future energy demands. His remarks were shared via video address at Energy Asia 2025 in Kuala Lumpur.
Ginzburg criticized what he described as an “oversold and under-delivered” narrative surrounding the current energy transition. He highlighted significant technical, economic, political, and social challenges, noting that oil demand continues to exceed 100 million barrels per day (bpd) with no signs of decline, contrary to earlier predictions.
He warned that achieving net-zero emissions could cost an estimated $200 trillion, raising questions about the readiness of renewable energy to fully meet global energy needs. For Asia—a region representing nearly half of global energy demand and a key driver of economic growth—Ginzburg stressed the importance of a tailored and flexible energy strategy that integrates all energy sources, including oil and gas, to maintain energy security, affordability, and sustainability.
Ginzburg’s remarks echo his earlier statements at CERAWeek 2025 in Houston, where he advocated for a “Transition Plan 2.0,” calling for a balanced energy model that allows both traditional and renewable sources to grow. He emphasized that new energy sources are complementary, not replacements, and currently cannot meet the pace of global demand growth.
He also highlighted the importance of reducing emissions across all energy sources while scaling new solutions at a realistic pace, noting that geopolitical conflicts underscore the continuing critical role of oil and gas in global energy security.
Concluding his address, Eduard Ginzburg urged greater collaboration among governments, industry, and innovators to ensure a secure, affordable, and sustainable energy future grounded in practical realities.