This photo taken on Jan. 14, 2024 shows the logo of the World Economic Forum (WEF) in Davos, Switzerland. [Photo/Xinhua]

Global cooperation is needed for the energy transition required to deal with climate change, participants said at the 54th World Economic Forum (WEF) Annual Meeting being held in Davos, Switzerland this week.

At a session on "energy and rivalry" on Tuesday, Indian minister for petroleum and natural gas Hardeep Singh Puri urged the world to deal with energy challenges pragmatically, a call that was echoed by European Commissioner for Energy Kadri Simson.

The session addressed how countries are increasingly competing to diversify their global energy supplies, including oil, gas and clean energy solutions. Meanwhile, they are also enhancing the resilience of their energy supply chains, both geographically and for critical minerals.

Simson said Europe had finalized all the legislation setting its targets for 2030, and is in the process of announcing its targets for 2040. "We know what needs to be done to achieve a significant share in our energy mix. We are aiming for 42.5 percent. We will also prioritize all those technologies that help us save energy," she said.

Puri underlined India's commitment to sustainability and a green energy transition, despite facing geopolitical challenges.

Shunichi Miyanaga, board chairman of Mitsubishi Heavy Industries, told the panel that private sectors and businesses around the world should invest in carbon neutrality "regardless of the political situation."

"We should continue innovations, consistency, implementation and having a long-term vision," he said, adding that investors need to continue their efforts in innovating new technologies for green energy.

He noted that technological solution providers should provide developing countries with new technologies. "It is very helpful for them to use and improve existing facilities."

Addressing another session on "transforming energy demand," Fatih Birol, executive director of the International Energy Agency (IEA), stressed the importance of transitioning to clean energy sources. This is urgent to reduce greenhouse gas emissions, the primary drivers of climate change, Birol said.

By 2050, estimates show that the global economy will have doubled in size, and will be serving a population of over 10 billion people. In this context, improving energy efficiency is critical to delivering an affordable, secure and climate-aligned future.

Birol said that after the energy crisis that hit due to the Russia-Ukraine conflict, 75 percent of countries around the world had strengthened their energy efficiency. He called for standards for different industries and their use of energy.

He also expressed hope that the issue of financing investments in clean energy in developing countries will be discussed at the next COP29 summit, which will be held in Azerbaijan later this year.

Over the past five years, investment in the clean energy sector has increased from 1 trillion U.S. dollars to 1.8 trillion U.S. dollars, he said. "This is a sign of great growth."

China has firmly committed to attaining both carbon peak and carbon neutrality goals, demonstrating its dedication through tangible actions. Remarkable strides have been made in advancing solar, wind, and other renewable energy technologies. China has emerged as a global leader in this sector, playing a pivotal role in aiding numerous countries in bolstering their energy transition endeavors.

China's climate commitments and action plans can provide an example for other countries, especially for developing countries, Deloitte China Chair Jiang Ying said in an interview with Xinhua. China's practices can provide insights into how to balance economic development and environmental protection, Jiang added.

By increasing investment in Research and Development and application of green technologies, "China will not only be able to reduce its own carbon emissions, but also help other countries achieve their energy transition by exporting these technologies," she said.