Energy security key according to 2015 World Energy Council Energy Trilemma Index
Published by Angharad Lock,
Digital Assistant Editor
World dzԹ,
The World Energy CouncildzԹs annual ranking of energy and climate policies, the 2015 Energy Trilemma Index, is now in its fifth edition and registers overall improvements across the three dimensions of the energy trilemma. However, this yeardzԹs report shows that the challenges faced by countries to develop a balanced approach to their energy policy mean that only two countries out of 130 are achieving dzԹAAAdzԹ balance score.
For 2015, Switzerland and Sweden topped the list, achieving triple dzԹAdzԹ score, whereas the UK lost its dzԹAdzԹ grading for energy equity, moving it from a dzԹAAAdzԹdzԹ to dzԹAABdzԹ status. It is a downgrade that reflects the challenges that countries across the world are facing in balancing the trade-offs of the trilemma goals and dealing with financing the transformation of their energy systems.
Joan MacNaughton, Executive Chair of the World Energy Trilemma study said: dzԹOur research underlines how priorities vary from country to country - though energy security is key for all. And the report highlights a real issue for the 21st Conference of the Parties due to begin later this month in Paris, namely translating the Intended National Determined Contributions from international objectives into national level actions for energy. The investment required is huge, and driving it to the right places will require a balanced approach if countries are to meet the three goals of the trilemma.dzԹ
In support of the UNFCCC process, the report is being sent to all parties attending COP21 and will form the basis of post 2015 ministerial dialogue, which will take place at the World Energy Congress to be held in October 2016 in Istanbul.
MacNaughton added: dzԹFor countries to move up in the rankings and remain ahead of the pack, they must adopt prudent, forward-looking energy policies to meet decarbonisation goals and maintain competitiveness. This report provides a map for the long road from Paris to help policymakers and businesses chart a sustainable course.dzԹ
Two new countries have been added to the negative watch list: South African and the US. In 2014, the list included German, Italy, Japan and the UK. South Africa has been added due to its electricity crisis, and the US due to lack of investment in ageing infrastructure and exposure to extreme weather events posing a threat to the countrydzԹs currently strong energy security performance in the Trilemma Index.
The reportdzԹs findings show that the best-performing nations tend to be developed countries with higher shares of energy coming from low- or zero-carbon energy sources supported by well-established energy efficiency programmes.
Every year, the Energy Trilemma Index report ranks the energy systems of countries across the world by giving them a score based on how they are balancing the three dimensions of the energy trilemma between energy security (a countrydzԹs ability to meet its current and predicted energy demand), energy equity (the accessibility and affordability of energy across the population) and environmental sustainability (achievement of supply of renewable or low carbon forms of energy).
Joan MacNaughton went on to say: dzԹThe US$48-53 trillion needed for investment in global energy infrastructure is increasingly contingent on a clear climate framework and a global target for emissions. It is clear that the energy industry has embraced the sustainability agenda and is working to help curb greenhouse gas emissions. It has an important role to play in achieving a successful energy transition, but key actions are required by countries if the full potential of the energy sector is to be realised.dzԹ
François Austin, Global Energy Practice Leader from the project partner for the Energy Trilemma Index, the global management consultancy firm Oliver Wyman, along with the Global Risk Centre of its parent Marsh & McLennan Companies, commented: dzԹThis report highlights that governments must set in place clear market frameworks and consistent energy goals to create the conditions to support energy investments and innovation.dzԹ
Edited from press release by
Read the article online at: /business-news/11112015/2015-world-energy-council-trilemma-index-energy-security-1588/
You might also like
The World dzԹ Podcast
A podcast series for energy professionals featuring short, insightful interviews with experts who can shed light on topics that matter to you and your business. Subscribe on your favourite podcast app to start listening today.
