LONDON & ZURICH--(BUSINESS WIRE)--The World Energy Council (WEC) has launched a new initiative to help mobilise investments into the energy sector.
The WEC project, Financing Resilient Energy Infrastructure, will seek to understand how the energy and finance sectors can work together and with other sectors to better understand risk and uncertainty in energy infrastructure and thereby unlock the capital needed to accelerate the transition to a resilient global energy economy.
Christoph Frei, Secretary General of the World Energy Council, said: “New emerging risks are posing ever greater threats to the energy sector. Unless we have solid understanding of the nature of these risks and appropriately adapt energy financing mechanisms and infrastructure design, we may well see an investment impasse which could threaten to cripple global energy systems. Our new initiative will develop the necessary understanding as catalyst for continuing to mobilise the massive capital flows required to expand, replace and transition our energy infrastructure.”
The project will seek to find out how much additional energy infrastructure investment would be needed to address the emerging technical and physical risks. These risks include water stress and the energy-water-food nexus; extreme weather events; cyber threats; social activism; and technical efficacy, or how the development of non-energy technologies impacts energy generation.
It will identify and characterise the nature, frequency and severity of these risks, and share and promote the incorporation of these risks into energy infrastructure design and investment decisions. The first phase of the study will be released in the first half of 2016, ahead of the World Energy Congress.
The findings will be used by the energy and finance industry to inform future investment decisions.
The WEC will carry out the project with two new project partners: Swiss Re, the global re/insurer, and Marsh & McLennan Companies, Inc., the global professional services firm offering clients advice and solutions in risk, strategy, and human capital.
The project officially launched today at the knowledge network’s inaugural meeting at the Swiss Re Centre for Global Dialogue in Zurich, Switzerland.
Juerg Trueb, Head of Environmental and Commodity Markets at Swiss Re Corporate Solutions, commented: “The investment needs in energy infrastructure in the upcoming decades are tremendous. This project will help to better understand existing and emerging risks as well as risk management approaches available to investors.”
Alex Wittenberg, Executive Director, Marsh & McLennan Companies’ Global Risk Center, said, ”As the infrastructure for energy supply and demand continues to develop around the world, it will be critical to strengthen its resilience in order to withstand and mitigate risks so that supply to support economic growth can be ensured. This project will develop insights necessary to build a future-proof energy infrastructure.”
Over the next year the knowledge network’s high-level members from across the world, consisting of senior experts from the finance and energy sector globally, will meet at roundtables and workshops focused on addressing the issues affecting the resilience of energy infrastructure investments.
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Notes to Editors
About the World Energy Council
The World Energy Council (WEC) is the principal impartial network of leaders and practitioners promoting an affordable, stable and environmentally sensitive energy system for the greatest benefit of all.
Formed in 1923, WEC is the UN-accredited global energy body, representing the entire energy spectrum, with more than 3000 member organisations located in over 90 countries and drawn from governments, private and state corporations, academia, NGOs and energy-related stakeholders.
WEC informs global, regional and national energy strategies by hosting high-level events, publishing authoritative studies, and working through its extensive member network to facilitate the world’s energy policy dialogue.
Further details at www.worldenergy.org and @WECouncil
About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions offers innovative, high-quality insurance capacity to mid-sized and large multinational corporations across the globe. Our offerings range from standard risk transfer covers and multi-line programmes, to highly customised solutions tailored to the needs of our clients. Swiss Re Corporate Solutions serves customers from over 40 offices worldwide and is backed by the financial strength of the Swiss Re Group. For more information about Swiss Re Corporate Solutions, please visit www.swissre.com/corporatesolutions or follow us on Twitter @SwissRe_CS (http://www.twitter.com/swissre_CS).
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman is a global leader in management consulting. With annual revenue exceeding $12 billion, Marsh & McLennan Companies' 55,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 130 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.
Marsh & McLennan Companies’ Global Risk Center generates insights and explores solutions for addressing major threats facing industries, governments, and societies. The Center aims to highlight critical challenges and bring together leaders from different sectors to stimulate new thinking and practices.
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