World Energy Council – “The energy sector is facing increasing pressures from climate change. All segments of the industry will be affected by the changing global climate and the policy responses to it. So says a briefing published jointly by the World Energy Council (WEC), the University of Cambridge Institute for Sustainability Leadership (CISL), the Cambridge Judge Business School, and the European Climate Foundation. The briefing, released on 18 June at the Asian Clean Energy Forum in Manila, brings into sharp focus the energy-related findings of the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report (AR5) for policymakers and business leaders in the energy sector. It identifies the need to incorporate climate change mitigation and adaptation measures into energy policymaking, infrastructure planning, and investment decisions. The briefing, “Climate Change: implications for the energy sector”, reveals:
- Energy demand is increasing globally, causing an increase in greenhouse gas emissions from the energy sector. The trend is set to continue, driven primarily by economic growth and rising population.
- Climate change presents increasing challenges for energy production and transmission as a result of temperature increase, extreme weather events, and changing precipitation patterns.
- Significant cuts in GHG emissions from energy can be achieved through a variety of measures, including cutting emissions from fossil fuel extraction and conversion, switching to lower-carbon fuels, improving energy efficiency, increasing use of renewables and nuclear, introduction of carbon capture and storage (CCS), and reducing final energy demand.
- Strong global political action on climate change would have major implications for the energy sector.
- Incentivising investment in low-carbon technologies will be a key challenge for governments and regulators to achieve carbon reduction targets.”