Ahead of the 23rd World Energy Congress, the World Energy Council has called on the energy sector to embrace a historic opportunity to redefine the energy contract. 

 

The reality that per capita demand for energy will peak before 2030, the reality that we haven’t done enough to decarbonise our economies and the realities for national and private balance sheets are some of the seven realities highlighted in the statement.

 

Speaking ahead of the Congress, Marie-José Nadeau, chair, World Energy Council, said:  “The grand energy transition is an unstoppable phenomenon. Adapting to this new reality with innovative technologies and different business models will require a massive effort and our ability to respond rapidly will define both winners and losers.”

 

Christoph Frei, secretary general, World Energy Council, added: “Slower global growth and shifting demographics define a new normal. The main driving forces are increasing political pressure to decarbonise, innovation fuelled by an unstoppable digital revolution, as well as emerging risks for which yesterday’s unlikely has become today’s reality.

 

“This is a moment for positive and inclusive leadership where leaders and society need to embrace these new realities, define a new energy contract to enable timely decisions, maintain stable investment frameworks and strive for continued innovation.”

 

The 23rd World Energy Congress takes place in Istanbul, Turkey from today till October 13.

 

“Governments, business leaders, investors, and society will have to rethink the energy contract and find new ways to avoid deadlocks, allowing for timely decisions and delivery of integrated, effective and efficient infrastructure. Innovative urban planning solutions, adequate resilience response, as well as enabling policies and trade frameworks will all be required. Solutions will not solely come from within energy but energy has a historic opportunity to provide leadership to power the broader industrial revolution,” the statement said. 

 

“Adapting to these new realities will require massive effort and our ability to respond will define both winners and losers,” it added.--TradeArabia News Service