The Conference highlighted three key issues that can be considered further:

1. Energy Efficiency has great potential to reduce energy costs, emissions and enhance energy security. The promotion of energy efficiency leads to a reduction in the amount of energy required for a given usage. This leads to lowered energy costs and reduced emissions. With less energy needed, energy security could be enhanced. There are opportunities to incorporate energy efficiency measures into infrastructure, especially the new infrastructure being set up in developing countries. Cost-effective energy efficiency technologies are already available now. However, there remains a need for business-model innovation to make energy efficiency measures viable both technically and economically.

2. Renewable Energy adoption will require government support. Developing renewable energy resources leads to a diversification of energy sources and thus contributes to energy security. However, renewable energies such as wind, solar, sustainable biomass and geothermal and alternative energies such as nuclear energy are still more expensive than conventional energy sources. Nuclear energy also carries attendant safety and security risks. Government policies to support research and development as well as deployment of renewable energy are thus required to bring costs down and make these sources economically viable.

3. Regional and International energy cooperation is essential. The energy and energy-related situation is a regional and global situation. Thus, the response must also be a concerted regional and international response. Several areas that were highlighted include:

(i) Regional and International Energy Markets. Regional and international energy markets that promote liquidity and thus facilitate the “free flow” of energy resources. This could enhance energy security. In this area, governments have an important role in multilateral dialogues that strengthen international cooperation in energy issues. These could include cooperation in the areas of promoting renewable energy; development of new energy resources; diversification of energy supplies; encouraging energy industry development; promoting energy efficiency; and creating innovative energy models.

(ii) Emergency Measures. A regional approach to measures such as physical storage, cooperative storage agreements and public/private coordination that ensure open and transparent markets would be more strategic and effective if implemented.