In his address to the World Future Energy Summit, United States Secretary of Energy Samuel Bodman asserted that meeting the growing demand for energy was a global problem that necessitated global solutions.
However, Bodman noted, it is important to keep the energy needs of developing countries in mind when discussing these solutions.
One of the first steps, according to Bodman, is to “stop doing the things that we know will not work.”
Bodman continued:
“Purposeful market distortions, such as rationing supply, cutting production or creating pricing floors and ceilings do not work. Market interventions have proven ineffective for controlling prices. The global oil market must be allowed to function in a predictable and transparent way.”
In discussing new sources of energy, Bodman asserted that the biggest source of ‘new energy’ could be found in the energy we waste every day. Pursuing energy efficiency initiatives and technology, Bodman said, should remain a priority in meeting the future’s energy needs.
According to the latest Energy Information Administration figures, approximately $22 trillion must be invested between now and 2030 in order to meet expected energy demands. This figure may be conservative as Bodman reasserted:
“Global demand for energy is only going to grow.”
Reducing the world’s energy insecurity, as well as accepting and understanding the realities of global climate change, are key to meeting this growing demand efficiently and appropriately, according to Bodman.
Initiatives like MASDAR are a step in the right direction, according to Bodman, in fostering research, education and training centers that will contribute to the future energy economies of the world.
