Energy security: a world business perspective

To business, energy security means confidence in its ongoing ability to access reliable and affordable energy, wherever it operates. Secure and reliable energy supply and infrastructure impacts the feasibility and costs of doing business from perspectives of competitiveness and productivity. Energy security is a vital consideration, not only for day-to-day operations, but also for long-term investment. This paper provides views of the international business community concerning energy security, both as regards the role of the private sector and the importance of sound governmental policy.

Ensuring geographical and resource diversity of energy supplies strengthens economies and overall energy security through energy interdependence. Removing trade barriers, improving access to natural resources, and opening markets to free competition will help minimize potential disruptions. The most effective policies create a legal and regulatory framework that attracts investment, encourages technology transfer, stimulates open competition, and capitalizes on the force of the free markets. Advancements in technology will continue to improve global energy security, and will also lessen the impact of energy-related activities on the environment.