Paul Wootton, head of energy at Eversheds, has commented following the publication of the IEA’s World Energy Outlook report.
Wootton said that in reinforcing the continued importance of fossil fuels in power generation and the changing axis of consumption in the global economy towards Asia, there is nothing particularly surprising in the report.
However, he added that what is clear is that the differentials in electricity prices between countries are continuing to have a dramatic impact on relative competitiveness.
Wootton went on to say that the report also reinforced the importance of renewables deployment. He said: ‘The report correctly advocates an international climate change agreement to ensure that energy-intensive industries in countries that act decisively to limit emissions do not face unequal competition from countries that do not.
‘We need a collective approach to the twin challenges of energy security and climate change, with the competition for capital ever more intense.’