Within the activities of the World Government Summit... Experts: Energy security is more important than reducing the carbon footprint
The session “Post-crisis: Rebuilding for Energy Security and Climate Action” within the “World Energy Forum” at the World Government Summit 2022 witnessed discussions on the importance of adopting a policy of diversifying sources of energy supply, and overcoming the challenges of financing energy projects with investors, with a focus On the importance of anticipating risks and preparing for them rather than focusing on responding to them, the speakers emphasized that energy security is more important than reducing the carbon footprint.
Panelists included Charles Hendry, former UK Energy Secretary, Neil Chatterjee, former Chair of the Federal Energy Regulatory Commission, Senior Adviser at Hogan Lovells, Regina Mayor, Global Head of Energy, KPMG, and Joseph McMonigle, Secretary General
of the International Energy Forum (IEF) ), and moderated by Randolph Bell, The Atlantic Council.
Charles Hendry talked about the lessons learned from the current situation, most notably the need to anticipate and prepare for challenges instead of focusing on response and reaction. Energy security is more important than reducing the carbon footprint, and without it there is no savings in cheap energy,” noting that Europe has learned a hard lesson from the current situation, and it will have to promote an innovation policy to achieve the required transformation.
Joseph McMonigle, Secretary-General of the International Energy Forum (IEF), which includes 72 member states, spoke of the need to activate investments in order to prevent a sharp rise in prices and to ensure the continuation of the appropriate supply of energy and to keep prices stable.
McMonigle touched on 3 factors related to reconstruction and reconstruction, the first of which is investment, with the need to invest $500 billion annually to meet demand in the next ten years.
The second factor is the artificial intelligence technology that is relied upon to provide 50% of the new energy, which requires cooperation between the government and private sectors.
The third factor is the focus on delivering energy to those who need it most, as the Covid-19 pandemic has increased the gap between countries, as London Heathrow Airport consumes more energy than a country like Sierra Leone, for example.
On the other hand ... Neil Chatterjee, former chair of the Federal Energy Regulatory Commission, chief advisor to Hogan Lovells, stressed the need to manage the energy transition while maintaining the reliability of the grid for electric lines, on which international dependence is increasing without being accompanied by an increase in investment spending. To develop it, two US power grids have already had the problem of reaching maximum tolerances due to weather and other conditions.
Regina Mayor, global head of the energy sector at KPMG, touched on the importance of dealing with climate change and the countries that contribute negatively to it, saying that "we face a common opponent", knowing that 90% of the world's economies are committed to reducing carbon emissions, and they need For tax incentives, it is important to work to reduce the cost of the carbon footprint.
Mayor stressed the importance of communication between all parties and joint action to solve energy problems, and touched on energy security issues, and the limited access of many countries to energy sources, or the ability to finance projects.
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