The ongoing efforts to build a well functioning Energy Union in Europe should be seen in the context of major global changes related in various ways to the energy sector – possibly a whole new phase of globalization, featuring new actors, new forms of balance of power, new conflicts (actual or potential).
Given the unique role played by the energy sector in the global economy, the current recession makes it imperative to take stock of the major trends unfolding in the industry. Before the crisis, the sector seemed on the verge of a major restructuring, due to the combined impact of new sources of natural gas and mounting environmental concerns. The effects of the intervening global downturn, though yet to be fully gauged, are in any event set to be asymmetrical.
The key objective to emerge from the discussions at this National Conference was that of transforming a constraint into an opportunity. The green economy must be made the cornerstone of a new, more sustainable and enduring development model. It was observed that, in recent years, particularly in the wake of the protracted effects of the worst economic and financial crisis in recent history, the world has begun to stop treating the “environmental factor” as a possible limitation on freedom of enterprise, but rather to see it from a more comprehensive perspective.
The 11th annual spring meeting of the Friends of Aspen, held in Milan at the Palazzo Trussardi alla Scala, was attended by members of the group as well as leaders and members of the Institute. The meeting centered around a debate on the issue of nuclear power in Italy, whilst at the same time offering an opportunity to introduce new members of the group, elicit suggestions for topics for future events and announce the group’s upcoming annual conference (the 14th in the series) to take place in the fall.
The approval of a renewable energy and climate change legislative package by the European Union in December 2008 is part of a wider push to formulate a global policy to combat climate change. Indeed, the Copenhagen Conference to be held in December this year will play a key role in deciding what should follow the Kyoto Protocol once it expires in 2012.
The seminar discussions got underway with the observation that international energy markets are the litmus test of a crisis whose outcomes are still uncertain. The dramatic slump in global demand has triggered a sharp fall in prices, but speculative interests and unfounded concerns that the peak oil point is approaching continue to artificially sustain share prices at levels that lack any sound market justification.
