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During the two (2) days conference,
the ministers discussed global energy challenges and policy
priorities. They acknowledged that the world
faces significant challenges of meeting increasing demand
for energy and at the same time reducing global greenhouse gas
emissions and ensuring energy security. The demand for energy will
grow by a third by 2035 with non-Organization for Economic
Co-operation and Development (OECG) countries accounting for
90% of that growth. The challenge is how to get investments to
match the growth in energy demand; the conference put the required investments
at an estimated US$40
trillion.
The IEA ministers meeting also
observed that global
disruptions and uncertainty such as those witnessed recently in North
Africa and Middle East, the Fukishima Daiichi Nuclear Accident in
Japan and the Deepwater Horizon spill incident in the Gulf of
Mexico are reminders that threats to the world's energy security
are real and could occur
unexpectedly.
The meeting asserted that since most of the
future investments to meet future energy demands will come from the private sector, governments
(i.e. the IEA ministers and the partner countries and other world
governments) will be
required to provide the necessary legal, regulatory and policy
frameworks to support the growth. Also, the threats to energy
security requires that the world should constantly improve on our safety standards.
The meeting further stated that no country can achieve
the energy security,
economic development and environmental sustainability alone, underscoring the
fact that IEA is as relevant today as it was when it was first formed
37 years ago. To this end, the ministers collectively resolved to
to drive forward for secure and more sustainable energy
future across the world.
The IEA ministerial meeting also
discussed the various energy sources a country can use to meet her
future needs. It is up to each country to decide on the
appropriate energy mix to meet the country's energy needs. There
will be increased use of coal as an energy source for several
decades to come but as we do this, we need to reduce global greenhouse gas emissions.
Consequently research should continue on clean coal technologies
such as Carbon Capture and Storage (CCS). Also, we are getting
into what the conference termed the "Golden Age of Gas" when natural gas market will
increase by up to 50% by 2035. Wind for electricity will also
increase. All growing markets should have access to transparent
and accurate data to
assist in minimizing price volatility.
Nuclear energy currently meet 14% of the world energy supply,
which is a significant slice that if cut off will translate to
increase use of coal an natural gas. After the Fukishima accident,
many countries were discouraged from pursuing new nuclear projects
or continuing to operate existing ones. However, some countries
may still choose to continue with nuclear energy based on their
choice and the country's legislations.
Ministers endorsed the need to support R&D and accelerate the
deployment of safe renewable and other low-carbon energy
technologies and promote energy efficiency
For more on the details of the resolutions at the IEA ministers
meeting readers should download and read the following documents:
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