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Global energy markets in transition

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13 November 2012

GLOBAL ENERGY MARKETS IN TRANSITION A new global energy landscape is emerging according to the International Energy Agency (IEA)’s 2012 World Energy Outlook, launched in London overnight.

The Minister for Resources and Energy, Martin Ferguson AM MP, welcomed the release of the annual publication, which sets out scenario-based projections of global energy trends to 2035.

“Each year I look forward to the release of the World Energy Outlook which is undoubtedly the preeminent source of global energy market analysis and projections,” Minister Ferguson said.

“The 2012 edition identifies major shifts in our global energy system including the unexpected rise of unconventional oil and gas, the scaling back of nuclear, and the United States preparing to overtake Saudi Arabia as the world’s largest oil producer by 2020.

“As a result, the interaction between different energy sources, markets and prices is intensifying and it is important that Australia continues to be well positioned to respond to the opportunities and challenges that may lie ahead.

“This is what the Energy White Paper I released last week seeks to do. To ensure Australia has the right energy policy settings in place, to be responsive to change - not only in international markets - but also domestically.

“It establishes a strategic policy framework to guide the development of our energy resources and markets to meet growing global demand. Demand that is expected to increase by more than one third over the period to 2035 - with 60 per cent of this growth coming from China, India and the Middle East.

“Today nearly 1.3 billion people live without access to electricity. As a major energy exporter, Australia’s energy resources are vital to helping fuel developing economies, lifting people out of poverty and improving their standards of living.

“The World Energy Outlook predicts that fossil fuels will remain the dominant fuel in the global energy mix to 2035, with coal meeting nearly half of the growth in global energy demand over the last decade, even outstripping total growth in renewables.

“We must therefore continue to support clean energy technology development, including carbon capture and storage which can be retro-fitted to existing power stations if we are to reduce our greenhouse gas emissions and mitigate the risk of locking-in emission intensive infrastructure.

“A continued commitment by all countries to support the development of new technologies and market based solutions will be essential to efficiently allocating the world’s resources to its people.”

The Executive Director of the IEA, Ms Maria van der Hoeven, will visit Australia next week as part of an international tour to launch the 2012 World Energy Outlook.

Media Contact: Elyse Gatt 0407 198 136