Energy today and options for tomorrow

Access to reliable, affordable, economically viable, socially acceptable and environmentally sound energy is fundamental to economic growth and sustainable development. Energy poverty induces poor living conditions in many developing countries and global poverty. Energy contributes to meeting basic needs, such as clean water, food preservation, transportation, healthcare, sanitation, education and communications. In light of expected growth in world population and energy demand, long-term energy access and security are critical priorities.

According to the International Energy Agency World Energy Outlook (WEO) 2008, investments of $26 trillion will be required for projects related to energy access and to diversify energy supplies, modernize infrastructure, as well as promote greater efficiency between now and 2030, under a reference scenario. If we are to see the energy revolution presented in the 2008 WEO, it is vital to address the question of investment in energy supply as well as demand side management in developing, emerging and developed economies. This will be instrumental in a move towards a future low-carbon economy.

The global economic crisis underscores the urgency of sustainable development, emphasizing a mutually reinforcing balance of economic, social and environmental progress. Moreover, it highlights the need to work efficiently and cooperatively to develop the policy and financial drivers needed to continue to delink environmental impacts from economic growth, provide energy access and security and shape a future global low-carbon economy. There is an urgency to act, and while the crisis creates new challenges, it also underscores the importance of seeking cost-effective opportunities for action to address a wide range of competing priorities around the world and within individual nations.

Business has a crucial and important role to play in shaping how energy is developed and utilised today, as well as the future energy options for tomorrow. There are many challenges facing the sector and it will require concerted and collaborative effort on all fronts to change the future energy mix and accelerate the pace of change. Business is willing and able to work together with all stakeholders to find appropriate solutions whilst meeting growing demand for energy.