What’s Keeping Energy Leaders Awake At Night?
BusinessNZ Energy Council (BEC) Executive Director Tina Schirr welcomes the release of the World Energy Council’s Issues Monitor for 2020.
The Issues Monitor provides a snapshot of what keeps energy policymakers, CEOs and leading experts in 104 countries awake at night.
The survey looks at 42 issues and how they are perceived by energy leaders from different parts of the world. Issues are divided into zones of certainty and impact: critical uncertainties, action priorities and weak signals.
"WEC’s Issues Monitor tool helps us identify the major trends and topics impacting the energy sector. The tool offers valuable insights into the complex issues involved in accelerating the energy transition," Ms Schirr says
This year’s Issues Monitor reveals Carbon Capture & Storage (CCS) is gaining in importance within the oil and gas sector, and while energy generation opinions differ globally, nuclear power remains important in Europe.
The analysis also reveals the strained trade relations between the US and China have led to higher uncertainty across all regions.
A seven-year tracking of more than 100 New Zealand's energy leaders’ perspectives on energy issues shows that priority attention is being given to climate framework, innovative transport and sustainable cities.
Meanwhile, electricity prices have moved towards the weak signals area.
The hydrogen economy emerges from a weak signal towards the critical uncertainties, highlighting increasing importance and impact being attributed to this issue in New Zealand.
Along with South Korea, Japan and China, New Zealand sees the hydrogen issue with higher impact than the global and regional average.
"Government initiatives continue to explore how use renewable energy sources to produce hydrogen as a next generation fuel in a sustainable way."
Positively, the monitor shows sectors are beginning to act with governments to design pathways for the wider adoption of renewables, digitalisation, energy efficiency, energy storage, and other innovative technologies as part of national energy transitions.
"Customers are set to play a decisive role in the transition in the coming decade as they become more empowered through technology and information, this was also one of the key findings of our BEC2060 scenarios," Ms Schirr says.
"The social costs and implications of an accelerating global energy transition are becoming more pressing. BEC welcomes innovations and investments that lower emissions in the energy sector."