A recent study published by the London-based World Energy Council (WEC) on Energy Trilemma revealed key strategies for policymakers to adopt in order to stimulate investments in sustainable energy systems. Dr. Yousef Alshammari, from King Abdullah University of Science and Technology (KAUST), has been a principle contributor to this study as a WEC Future Energy Leader, representing the young generation of energy talents in the Kingdom.
Dr. Alshammari stated that currently there were about 1.3 billion people living without access to modern electricity which leaves them susceptible to adverse health impact of conventional combustion of biomass. He said: “The IEA estimates that $48 billion per year is needed for investment in order to achieve universal access to energy by 2030, as a part of the UN secretary general's ‘Sustainable Energy for All' initiative. In addition, existing energy systems are also challenged with keeping to a temperature rise of 2ºC. While technologies may exist, securing the necessary investments for these technologies is as important as developing them.
“The impact of global financial community on the balance of the three pillars of energy trilemma; access, security, and environmental impact, has been the focus of this report aiming at understanding how to secure necessary investment for resilient energy systems.”
Dr. Alshammari said there was sufficient capital to provide necessary investment. “However, there is stiff competition between energy and other sectors over investment decisions. Policy uncertainty remains a key concern for investors, and a call for governments to engage more with financial community including the establishment of new channels to facilitate this essential dialogue,” he said.
Access to energy, he said, is a right for all, not a privilege for a few. “I believe there is an urgent need for greater collaboration between governments, investors as well as scientists in achieving this goal”. A further element of this report has been the energy sustainability index which assessed sustainability of global energy policies for 129 countries of which the top 10 are found to be; Switzerland, Sweden, Norway, United Kingdom, Denmark, Canada, Austria, Finland, France and New Zealand. This ranking is based on the country's scores on providing low-carbon energy sources while committing to a clear energy efficiency target and its security of supply.
The result of this report has been a background discussion at the 20th Conference of the Parties (COP-20) in Lima, Peru last month following the World Energy Trilemma Summit held in Colombia. The summit was hosted by President Juan Santos. Furthermore, the reports feature assessment of global energy policies for me than 100 countries which acts as a key in advising policy-makers in developing the sustainability of national energy sectors.
World Energy Council is the principle impartial network for energy leaders with national committees based in more than 90 countries. It works with governments, and international organizations on facilitating dialogue on global energy agenda. The WEC national committee in Saudi Arabia is based at the Ministry of Petroleum and Mineral Resources, chaired by Prince Abdul Aziz Bin Salman, Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs.
Dr. Alshammari looks at WEC as a strategic partner for scientific energy research which he conducts at KAUST which enables bridging gaps between science, economics, and policy-making.
