Korea set to play bridging role in transition of global energy focus to Asia

Participants walk toward EXCO to attend the opening ceremony of the World Energy Congress in Daegu on Sunday. (Park Hae-mook/The Korea Herald)

The eyes of the global energy sector will be focused on the 22nd World Energy Congress in Daegu this week, where about 6,000 delegates will discuss energy issues related to sources ranging from oil and gas to nuclear and renewables.

The triennial global gathering, held under the theme “Securing Tomorrow’s Energy Today,” is to gather some of the world’s most prominent energy ministers, industry CEOs, and researchers. Whereas the principal concern was once the price of oil, seen as the responsibility of the relevant minister, broader energy issues are now closely linked to national security, the environment and public welfare, commanding the attention of prime ministers and presidents.

Amid a deepening imbalance between energy demand and supply on a global level, many countries are reshaping their energy policies. As such, now is the right time for energy leaders and practitioners to together work out new visions and renew leadership.

Against this backdrop, one of the highlights of the congress will be discussion and sharing of views on global energy issues among energy ministers, which will be significant in contributing to efforts toward achieving global standards in the energy sector. 

The Daegu WEC will also release important global surveys and reports, including the energy “trilemma” report and 2012 energy sustainability index, which could serve as references for the development of future energy policies or energy businesses.

Another key focus of the 2013 congress will be Asia. The importance of Asia to the global energy industry cannot be overstated. Asia is the most world’s dynamic energy market in large part because it is home to some of the world’s most pressing energy challenges and the most rewarding opportunities.

Korea, neighboring two other Asian energy powerhouses ― China and Japan ― is a perfect venue to bring the attention of global energy leaders to the region and raise their understanding of its characteristics. Korea will play a bridging role in the transition of the global energy dynamics to Asia.

By Seo Jee-yeon (jyseo@heraldcorp.com)