Over the next couple of days in London, the UK government and the IEA will bring together more than 55 governments and some 50 businesses from around the world to discuss how we can work together in this new age of electricity. Da New Statesman
The International Energy Agency (IEA) was founded after the oil price shock of 1973, marking a recognition of the need for a multilateral response to the crisis. More than 50 years on, recent events, including Russia’s invasion of Ukraine, have demonstrated once again that energy security and national security are inextricably linked—and that lasting energy security comes from countries working together.
Over the next couple of days in London, the UK government and the IEA will bring together more than 55 governments and some 50 businesses from around the world to discuss how we can work together in this new era. There are many challenges and opportunities today, including the rise of clean energy technologies as an increasingly important part of energy systems across the globe.
As circumstances change, countries need to take a fresh look at what it means to have secure energy systems.
Last year, oil’s share of the global energy mix fell below 30 per cent for the first time, way down from the mid-1970s when its share was close to 50 per cent. Major changes are taking place across energy systems, with technologies such as solar, wind and EVs growing rapidly, alongside a renaissance of nuclear power.
Indeed, according to IEA data, over 80 per cent of the increase in global electricity generation last year was provided by renewables and nuclear power – and around $2 trillion was invested in clean energy worldwide. Meanwhile, the world is entering a new age of electricity, with electricity use growing twice as fast as overall energy demand over the last decade and set to expand even further in the coming years.
