Global policy uncertainty is one of the biggest obstacles to gaining the $48-53 trillion of investment needed to address climate challenges. Proactive engagement between climate negotiators and industry implementers will be essential to ensuring measures are deliverable and targeted.
The World Energy Council Reportcalls for a stable and meaningful climate framework, guided by clear emissions targets and a flexible approach to the different needs of countries.
MERIDA, MEXICO, 27 MAY 2015: Development of a clear climate framework and a global emissions target is essential if $48-53 trillion for a new sustainable energy infrastructure is to be delivered, according to a new Report from the World Energy Council.
The findings are uncovered today in the fifth edition of the energy leaders dialogue series, the World Energy Trilemma Report, ‘Priority actions on climate change and how to balance the energy trilemma’, released by the World Energy Council and project partner Oliver Wyman, along with the Global Risk Centre of its parent Marsh & McLennan Companies, to government representatives as they meet for the sixth Clean Energy Ministerial (CEM6) in Merida, Mexico.
Drawing upon the insights of more than 2,500 industry leaders and policymakers from across the globe, the Report reveals the urgency with which energy sector leaders view 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.
Joan MacNaughton, Executive Chair, World Energy Trilemma, commented: “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.”
