Irish Conference Told: Current Global Energy Trends Are Unsustainable

Energy Minister Eamon Ryan welcomed Dr. Fatih Birol, Chief Economist at the International Energy Agency, to Ireland last Thursday to present the World Energy Outlook 2008.

The World Energy Outlook is widely recognised as the most authoritative source for forward-looking energy market analysis.

Its findings include:

• Current energy trends are unsustainable
• The era of cheap oil is over, although prices will be volatile
• To avoid "abrupt and irreversible" climate change we need a major decarbonisation of the world's energy system
• Action must be taken to address these energy challenges, despite the recent changes in economic circumstances worldwide.

Presenting his findings, Dr. Birol acknowledged the scale of the challenges faced by a continuation of current energy trends, but said that in order to counter this trend, "What is needed is nothing short of an energy revolution.

"It is no exaggeration to say that the future of human prosperity depends on how we tackle the two energy challenges facing us - the need a secure and affordable energy supply and a rapid transformation to low-carbon energy".

"The era of cheap oil is over but it is within the power of all governments to steer the world towards a cleaner, cleverer and more competitive energy system. This report provides an evidence base for action, Governments must respond."

Minister Ryan said, "The Outlook highlights energy challenges we face globally. We must learn from the connection between energy prices and our current economic difficulties. We must learn from this report that an unsustainable energy path will only store up an energy crunch for the future.

This is all the more important for us in Ireland, since we are heavily reliant on fossil fuels. Ireland's import fossil fuel bill will be approximately €6 billion this year. This is €1500 for every citizen in Ireland, more than double the EU average figure.

This report shows us that Governments all over the world needs to direct a strategic retreat from away from fossil fuels and towards a clean energy future.

The Irish Government is directing that retreat. We are well placed to take advantage of our abundant natural energy resources, aiming to have at least 40% of our electricity from renewable sources over the next 12 years.

We need to reduce that fossil fuel bill. The more towards a 'green economy' will secure our energy future and importantly stimulate our economy. We need to lift our economy now; following the guidance and evidence in this report will allow us to do just that."