US Secretary of Energy highlights global energy challenges

The US Secretary of Energy yesterday outlined the global challenges confronting the energy industry and called for a renewed attitude toward the environment.

In his keynote address at WFES08, Secretary Sam Bodman began by welcoming the fact that countries such as the UAE should be actively embracing alternatives to traditional hydrocarbons, "The government and people of the UAE recognize that even in a region blessed with tremendous hydrocarbon resources, the time here is to aggressively develop and deploy alternative energy solutions," he said.

"The world needs safe, reliable, clean, affordable and diverse energy solutions - and in considerably greater numbers than it has now. This is a global challenge, perhaps one of the most significant of our time. And, as if we needed more evidence of its scope, the International Energy Agency's most recent world outlook provides it." Recent statistics published by the International Energy Agency statistics illustrate the substantial increase in demand for the world's energy needs. By 2030 it is forecasted these needs will grow by at least 55%.

The fiscal impact of this, Bodman believes, is palpable, "Addressing this challenge in a timely way will require literally billions of dollars annually over many years.

The lEA estimates that, between now and 2030 US$22 trillion of new investment will be needed to meet expected demand. This type of investment is vital not just on a regional basis, but on a global scale."

The United States Secretary of Energy was eager to point out that his country was one of the world's main benefactor's for the development of alternative energy as a means to combat climate change, "We must all recognize the realities of global climate change and look for ways to develop cleaner sources of energy that at very least do not worsen and hopefully can improve - the health of earth's environment. Climate change is a global challenge and requires a global response... and, I want to reiterate that the United States has been and remain committed to doing our part. "Of course, that's not even the whole picture," said the Energy Secretary in the remarks carried by Daily News, a publication of WFES8

- Emirates News Agency, WAM