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The world has been reeling from the financial crisis with reverberations being felt throughout the real economy on production, consumption, jobs and well-being.
At times like these, we are all reminded of just how intertwined our future prospects have become and forced to reflect on how history has led us to our current circumstances.
The economic progress of past decades has seen hundreds of millions of people enjoy major improvements in their material well-being, and these changes have been particularly noteworthy in the emerging economies.
We all understand how globalization and market liberalization have underpinned these developments, but we must not lose sight of the crucial enabling role played by the energy sector.
Without heat, light and power you cannot build or run the factories and cities that provide goods, jobs and homes, nor enjoy the amenities that make life more comfortable and enjoyable. In times of economic turbulence, the focus quite rightly falls on jobs.
The energy industry is known for being highly capital intensive, but its impact on employment is often forgotten. Beyond its direct contributions to the economy, energy is also deeply linked to other sectors in ways that are not immediately obvious.
For example, each calorie of food we consume requires an average input of five calories of fossil fuel, and for high-end products like beef this rises to an average of 80 calories. The energy industry significantly influences the vibrancy and sustainability of the entire economy — from job creation to resource efficiency and the environment.
The key factors in maintaining Reaction paper on economic forum on health of this nexus of resources energy, food and water are sustained investment, increased efficiency, new technology, system-level integration e.
Looking towards the decades ahead, this nexus will come under huge stress as global growth in population and prosperity propel underlying demand at a pace that will outstrip the normal capacity to expand supply.
To face this strain, some combination of extraordinary moderation in demand growth and extraordinary acceleration in production will need to take place.
New and healthy forms of collaboration that cross traditional boundaries, including national, public-private, cross-industry and business-civic, will be required to address these challenges. Frameworks that encourage collaboration while also being respectful of the different roles of different sectors of society will need to be developed rapidly.
While easy to say, this could prove difficult to achieve. These types of economic stressors could lead to turbulence as well as political volatility. If the impacts of these stressors are distributed unevenly across society, suspicion, blame and a deeply felt sense of injustice among many people could follow.
From this, hostility and opposition could arise even to investments that would ultimately help relieve the strain on resources. So we must achieve a renewal of the deep social contract between industry and the rest of society as a fundamental and mutually respectful backdrop for individual developments, investments and services.
It is up to industry to take the lead in this endeavour. Nobody will do it for us. Business can only thrive in a healthy society. Whether in industry or politics, powerful actors need to make the role of the energy sector and the benefits of our work clear, while demonstrating that we can be trusted to work together across boundaries to face the challenges ahead.
In return, society at large will grant a license to operate that is too often missing today. Executive Summary As the world struggles to emerge from a global recession and financial crisis, countries are looking for solutions to improve domestic economic performance and put people back to work.
Global energy demand and prices have been resilient during the recession, leading policy-makers in countries with the potential to produce energy to look to that sector as a potential engine for economic growth.
The energy sector constitutes a relatively modest share of GDP in most countries, except for those in which oil and gas income loom large. Most importantly, energy is an input to nearly every good and service in the economy. For this reason, stable and reasonable energy prices are beneficial to reigniting, sustaining and expanding economic growth.
At the same time, the ability of a country to capitalize on supplier networks and the multiplier effect depends on the capacities of the local labour and industrial markets. Many resource-rich countries strive to maximize the economic benefits of their resource endowments by encouraging the growth of related industries.
For all of these reasons, the energy sector can make an important contribution to the recovery from the global downturn. For example, the oil and gas industry in the United States is an important bright spot in an economy still struggling to find its footing. The US oil and gas extraction sector grew at a rate of 4.
Technological advances in oil and gas extraction have led to remarkable increases in employment in the United States. Likewise, renewable energy innovations in the power sector have contributed to employment gains, although the multipliers in that sector are highly sensitive to the nature of domestic supplier networks.
However, balancing energy prices, energy security and the environment requires trade-offs between job creation and overall productivity in the energy sector.
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Jan 01, · Introduction. Energy is the lifeblood of the global economy – a crucial input to nearly all of the goods and services of the modern world. Stable, reasonably priced energy supplies are central to maintaining and improving the living standards of billions of people.
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