The report, entitled 'Deciding the Future: Energy Policy Scenarios to 2050', quotes WEC director of studies Robert Schock as saying that "our energy scenarios clearly demonstrate that by 2050 we can double energy supplies to meet world energy demand and build a sustainable energy future".
The main question is not whether there are enough energy sources around the world to satisfy future demand for energy, but rather how to get these resources and energy services from where they are produced to the places where they are needed the most, the WEC report says.
The issues of future energy demand and access to energy sources cannot, however, be sufficiently tackled without managing greenhouse gas emissions and addressing climate change, according to the WEC. The level of man-made greenhouse emissions must be stabilised by 2035 and reduced by 2050, WEC says. Furthermore, emissions growth needs to be decoupled from economic growth, the report adds.
The main means of addressing this dual challenge will be higher energy prices, raising awareness of energy efficiency in the developed world and at the same time attracting more capital investment in infrastructure, the WEC predicts.
Almost equally important as improving future access to energy and managing climate change is developing commercial and physical energy systems that are 99% reliable: in the US, Europe and parts of Asia by 2035, and across Asia, Africa and Latin America by 2050, according to the WEC report.
In order to achieve these goals, the WEC appeals to governments to:
- Deepen the levels of international cooperation with other governments as well as the private sector;
- increase investment in research and development; and;
- further integrate energy markets.
For instance, governments must play their part by establishing global rules for energy trade and setting a stable price for carbon that is clearly understood by markets and investors, WEC says.
The report concludes by saying that with greater cooperation, greater investment and clear rules for energy trade, a sustainable energy future can become a reality.
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