Fossil fuels still dominate the global energy mix at 81.5% in 2023, according to the Energy Institute.
"It just goes to show how difficult it is to change the energy mix.
It's because it takes time," said Lorenzo Simonelli, chairman and CEO of Baker Hughes, a global energy technology company.
Takayuki Ueda, the representative director president and CEO of INPEX, a Japanese oil company, reiterated technology's role in the energy transition.
Energy companies have been leaning on gas as a "reliable dispatch of power" to meet demand, said Maví Zingoni, CEO of Power at GE Vernova, an energy equipment manufacturing and services company.
Persons:
Lorenzo Simonelli, Baker Hughes, Simonelli, Takayuki Ueda, Ueda, Maví Zingoni, Zingoni, Olivier Le Peuch, Le Peuch, CNBC's Dan Murphy
Organizations:
Energy Institute, CNBC, Energy, Power, GE Vernova, SLB
Locations:
Abu Dhabi