On 4 December, in a momentous occasion, International Energy Agency (IEA) was hosted in Kuwait to launch its annual flagship publication, World Energy Outlook (WEO) for the year of 2018 for the first time in a gulf country.
The General Secretariat of the Supreme Council for Planning and Development, UNDP, KPC, KISR, and KFAS came together hosting this important event which shed the lights on the future of energy and the policies that will enhance the reliability, affordability and sustainability of energy.
The energy world is connecting in different ways because of shifting supply, demand and technology trends. The convergence of cheaper renewable energy technologies, digital applications and the rising role of electricity. The electricity sector is experiencing its most dramatic transformation since its creation more than a century ago. In advanced economies, electricity demand growth is modest, but the investment requirement is still huge as the generation mix changes and infrastructure is upgraded. A doubling of electricity demand in developing economies puts cleaner, universally available and affordable electricity at the centre of strategies for economic development and emissions reduction.
The report focuses on the roles of government policies as they will shape the long-term future for energy with Rapid, least-cost energy transitions require an acceleration of investment in cleaner, smarter and more efficient energy technologies. But policy makers also need to ensure that all key elements of energy supply, including electricity networks, remain reliable and robust.
This comes as part of the Kuwait Annual National Energy Outlook Project (KNEO) which aims to ensure that there are policy and regulatory economic, social and environmental frameworks in place to build resilience for inclusive, sustainable growth and development.
The report this year focuses on how the world of energy is changing where the global energy demand rises more than a quarter by 2040. The profound shift in energy consumption to Asia is felt across all fuels and technologies, as well as in energy investment. Also, the shale revolution continues to shake up oil and gas supply, enabling the United States to pull away from the rest of the field as the world’s largest oil and gas producer.