Global climate framework, emissions target now critical – WEC

28th May 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

The development of a clear climate framework and a global emissions target is essential if the $48-trillion to $53-trillion required for a new sustainable energy infrastructure is to be delivered, a new World Energy Council (WEC) report has stated.

The World Energy Trilemma Report, ‘Priority actions on climate change and how to balance the energy trilemma’, released to government representatives as they meet for the sixth Clean Energy Ministerial (CEM6) in Mexico, this week, revealed the urgency with which energy sector leaders viewed the need for negotiators to agree on a climate framework and a global target for greenhouse-gas emissions.

Such a target, clearly defined and monitored, would enable the industry and finance sector to unlock investment and facilitate the transition to a sustainable energy future, it held.

“The energy industry believes the time is ripe for stronger action on climate change and it is more than ready to play its full part, building on the examples of leadership, which some businesses are already showing. Our findings show that there is a real thirst for vigorous implementation of strong commitments – the focus now needs to move from negotiation to action.

“Unless this happens, it will become increasingly difficult to deliver across the three trilemma goals of energy security, energy equity and environmental sustainability. As the energy industry is telling us, it is now time to get something done,” commented World Energy Trilemma chairperson Joan MacNaughton.

The report identified five policy enablers that were key to the successful transition to a low-carbon energy system, the first of which was the removal of barriers to trade and the enabling of technology transfer, including the elimination of tariffs on environmental goods and services, and the protection of intellectual property rights.

It further called for the setting of a carbon price to level the playing field and redirect investment towards low-carbon solutions, as well as the provision of “the right” policy signals to scale up investment, accompanied by a portfolio of bankable projects to attract more private capital.

“Policy should also place greater emphasis on demand management, including increasing energy efficiency across all sectors covering residential, commercial, industrial and transport.

“Governments should further prioritise and build platforms for innovation and research and development, principally in the investment case for new technologies, as well as a new era of collaboration between the public and private sectors,” it read.

Speaking ahead of the CEM6 meeting, WEC secretary-general Christoph Frei said it was increasingly clear that traditional mechanisms, known technology, policy and rates of innovation would not deliver the change needed to balance energy security concerns within countries and meet global climate targets.

“New and ambitious thinking is needed. This new thinking will require stable economic and policy platforms to boost investment and establish clear, consistent goals that guide the development of new energy infrastructure that will support the lower carbon transition.

“Energy leaders have identified five priority action areas. These actions must be accompanied by accelerated innovation in business models, processes and regulatory frameworks to accommodate new technologies, market design and a focus on resilience of energy infrastructure,” he appealed.

He added that the urgency with which a framework was required was evidenced by predictions around major changes in global energy demand, which was set to change “dramatically” in the period to 2050.

As the economies of emerging countries such as Brazil, India, China and South-East Asia grow, they would use more energy and their role in the negotiations, as well as their commitments, would be critical.

According to the WEC, Asia was set to contribute almost 50% of global economic growth by 2050, with its share of global total primary energy consumption rising to between 45% and 48%.

The Middle East and North Africa would continue to be heavy users of energy, with their economies set to triple by 2050, stimulating a doubling in energy demand during the same time.

Despite European gross domestic product doubling over that period, with improved energy efficiency across the continent, energy demand in the region would remain largely unchanged, the WEC noted.

Providing a local perspective, South African National Energy Association chairperson Brian Statham added that, despite the progress that South Africa had made, both in terms of increasing the access to electricity in recent years and the success of the recent Renewable Energy Independent Power Producer Procurement Programme bid windows, it had “a long way to go”, given the fossil fuel legacy in the power generation sector.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION