Between the world\'s thirst for energy and efforts on climate change, the economic crisis has shown that free market forces cannot solve all global issues, energy experts were told.
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| The Kongsbreen glacier taken in the Norvegian fjord Kongsfjord off the coast of Ny-Alesund in June 2010. Brief but vicious Arctic storms known as polar lows are likely to become much less frequent as global warming intensifies, scientists in Britain determined on Wednesday. (AFP/File/Martin Bureau) |
"The global crisis has proved that the market alone cannot solve our problems," World Energy Council president Pierre Gadonneix told the gathering at the end of a five-day meet, on Thursday.
"There is a need for energy policies to balance the market."
Some 5,000 participants from industry, government and academia attended the World Energy Congress conference in a bid to address issues such as improving access to energy in the world\'s poorer regions and the role of new technologies in ensuring a sustainable energy future.
In his concluding remarks, Gadonneix said it was clear, however, that "regulatory failures also exist and it is not an easy task to define what a \'right\' energy policy is.
"We must find the concrete ways to allow market and public policies to go together efficiently," he said.
Investors in the energy field, Gadonneix urged, need to take a longer term view of the industry, because decades-long projects mean for policymakers the world of 2030 to 2050 is a more relevant horizon for their planning than 2020.
Optimistic for the future of energy policy, he said he looked forward to mature technologies being rolled out over the the next two decades.
On the supply side of the industry, hydro power, wind, nuclear and high-efficiency coal will better provide energy, he said, as input from the consumer will also aid energy solutions, such as efficient lighting and effective building insulation.
Gadonneix also sought to reconcile two apparently opposing assumptions: supplying energy to deprived members of society while also maintaining high enough energy prices to stimulate investment and ensure supply.
"Subsidies tailored to their needs (would help) ensure the benefits of growth are equitably shared," he said.
The WEC chief added that he hoped intelligent networks in the near future make energy supplies more efficient, with "innovations like smart grids and smart homes and buildings can be real catalysts in changing energy behaviors, making people more aware of the value of the resources."