World Energy Congress Wraps Up With Mandate For Change

The 20th World Energy Council's (WEC's) key triennial event wrapped up in Rome yesterday with the WEC promising to tackle greenhouse gas emissions, global trade rules and investment and to look at new financial schemes for limiting investment risk to the energy sector.

Following four days of speeches from government ministers and officials from the US, Russia, Saudi Arabia, the World Trade Organisation (WTO), the European Commission (EC) and companies such as General Electric and Gazprom, the WEC listed its key mandates for the next three years.

The WEC's first concern was for a global framework to curb greenhouse gas emissions beyond 2012 that will also ensure a stable carbon price.

The WEC also called for greater government engagement and the use of public-private partnerships to address increasing global energy interdependence in a effort to erradicate energy poverty.

Outgoing WEC chairman André Caillé says these initiatives, teamed with global rules for trade and investment and new financial schemes limiting investment risk and offering "realistic returns", will be responded to with urgency by the council.

"WEC is optimistic a third energy revolution can be accomplished if urgent action is taken to vigorously pursue all energy options," Caillé says.

"The industry has all the latest available technologies needed to develop fossil fuels, nuclear, large hydro and renewables that reconcile development with climate change.

"Our goals should be to move now towards responsible economic development, climate protection and the reduction of global inequalities."

The WEC represents 96 countries and has official consultative status with the UN.

The next World Energy Congress will be held in Montreal, Canada, in 2010.

By Penny Jones