According to the laws of thermodynamics energy is never really created nor is ever really destroyed but instead transferred between entities?

According to the laws of thermodynamics, particularly the first law, energy cannot be created or destroyed; it can only change forms or be transferred between systems. This principle means that the total energy in a closed system remains constant, although it may transform from kinetic to potential energy, for instance. Consequently, energy is conserved throughout physical processes, leading to various manifestations without any loss or gain in the overall energy balance.