Energy is the chief traded commodity worldwide and the meta-resource that drives all other commodities, as well as providing most of the essential goods and services. It is, therefore, an important pillar for economic and social development (Xu et al., 2022; Carrilho-Nunes, 2021). A rapid transformation of the energy system needs to take place to mitigate climate change. In line with goal 13 of the UN Sustainable Development Goals (SDG), urgent action must be taken to combat climate change and its impacts.