More global cooperation needed to ensure energy security
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More concerted global efforts should be made to ensure energy security and tackle the issues of climate change and economic growth, energy-related companies' CEOs told the G20 Business Summit Thursday.
Concerns over energy security are deepening largely because of rising energy demand triggered by economic growth and heavy dependence on fossil fuels.
Developing and deploying renewable and low-carbon technologies is the key to promote sustainable growth, the CEOs said at a round- table session on encouraging the substantial use of renewable and low-carbon technologies.
However, global cooperation to expand the role of the clean energy has been insufficient.
"Without the support of government policies, it is difficult to promote technological development in renewable and low-carbon energy. It is often difficult for an individual country to take on large-scale research and development projects with the associated high costs and steep demand in technology and human resources," said the round table session's discussion report.
Therefore, joints efforts should be made to develop technologies through shared research and initiatives, such as technology centers, for better global and regional coordination would establish a more efficient framework, the participants of the session suggested in their report.
Global cooperation needs to be intensified to balance supply and demand issues, particularly in electricity production, the report said, citing Mekong countries in hydroelectric power initiatives as an example.
The developed countries should also help developing countries deploy clean technologies as these countries have huge energy demand while lacking suitable technologies to cover the demand ands realize long-term self-sufficiency, the report added.
It is not easy to reach a consensus among the G20 countries as national political interest diverge, but, as the first step, the countries are suggested to be as transparent as possible in implementing new energy policies on a national level.
