Business Representatives, Energy Ministers Discuss High-Energy Prices and Climate Change

Energy sector business leaders, ministers from APEC Member Economies and representatives of non-government organizations are taking part in the APEC Energy Business Forum today as part of the Eight APEC Energy Ministers' Meeting.

In his address to the APEC Energy Business Forum, the Chairman of Shell Australia, Mr. Russell Caplan, highlighted the importance of dialogue involving all stakeholders to manage energy related issues for the future.

"As energy demand grows, so too will the associated emissions, the International Energy Agency's scenarios say CO2 emissions will grow between 35 and 55% in the period to 2030," Mr. Caplan said in his opening address to the forum.

"Today's Forum is a chance for us to develop our thinking in this direction. Thinking that takes account of the regional and indeed global view.

"I believe we're now beyond debating the scientific links between CO2 emissions and climate change - it's now time for action. The question is what sort of action, by whom and by when.

Mr. Caplan said it was his opinion that market mechanisms are likely to be the most effective means of implementing change.

"Capping of carbon emissions and trading of credits, such as has occurred under the EU emissions trading scheme since 2005, is a good start. But trading needs to become global to be truly effective and establish a clear market price for CO2 that will be factored in to the investment evaluations on the new technologies and energy conservation measures we need for a lower carbon future."

The Chair of the APEC Energy Ministers' Meeting and Australia's Minister for Industry, Tourism & Resources, Ian Macfarlane, highlighted the importance of discussion taking place at the forum and important role that business plays in the APEC energy sector.

"We need to engage business," Mr Macfarlane said.

"Recommendations arising from the Energy Business Forum will be presented to the meeting of Ministers and delegates on Tuesday so they will have a direct input into the APEC process."

Mr. Macfarlane said the meeting of Energy Ministers would discuss a range of issues such as reducing impediments to energy investment and trade, and promoting energy diversity, efficiency and cleaner energy technologies.

"We will look at how developed and developing countries can meet growing energy demands and secure the supplies of energy they require in a sustainable manner," Mr. Macfarlane said.

Energy Ministers will meet in two plenary sessions tomorrow and visit the ConocoPhillips LNG plant on Wednesday.

The full speech by Mr. Caplan is available for download.