World body draws up plan for sustainable energy future

Achieving a sustainable energy future will require an unprecedented level of global cooperation between industry and government, and deeper integration of regional and international energy markets, the World Energy Council said at the conclusion of the 20th World Energy Congress.

The WEC said the three years leading to the Montréal 2010 World Energy Congress will determine the next 30 years of the world’s energy system.

To foster a high level of cooperation during these crucial years, WEC is expanding its global mandate to address the three most important challenges of energy sustainability: eradicating energy poverty, setting the global value of carbon, and establishing global rules on energy trading and investment amid growing energy nationalization.

To guide these decisions, WEC’s new global mandate will include the drawing up of a global framework to curb greenhouse emissions beyond 2012 that will also ensure a stable carbon price.

The group said it is also committed to coming up with global rules on energy trade and investment.

Other responsibilities that the WEC member countries have agreed to undertake are the setting up of new financial schemes, limiting investment risk and offering realistic returns; engaging in more government and public-private partnerships to address increasing global energy interdependence, adopting a key strategy to eradicate energy poverty.

The WEC noted that increased input by industry will lead to more effective government policies thereby helping ensure that investment incentives are maximized for the long term.

They also pointed out that substantial investments are needed to double global energy supplies by 2050, resulting in lower energy intensity without a consequent rise in carbon emissions.

“WEC is optimistic a third energy revolution can be accomplished if urgent action is taken to vigorously pursue all energy options,” said André Caillé, outgoing WEC chairman. “Industry has all the latest available technologies needed to develop fossil fuels, nuclear, large hydro and renewables that reconcile development with climate change.”