mastering new energy economics if you're using social media the hashtag is worth 

 and without further Ado I'm going to begin we're in a crisis perhaps the worst crisis in a generation

not since the s have we experienced an energy emergency on this kind of scale and once again that is hitting the most vulnerable the hardest

what we actually have is interwoven crises West calling it polycrisis post-pandemic inflation food insecurity

the climate crisis and of course the illegal war in Ukraine tackling one requires addressing them all

energy literally fuels the global economy providing it in a cost-effective

efficient Equitable and crucially sustainable manner is a fundamental

necessity today's short-term decisions must accelerators towards a secure

Energy Future tomorrow it requires as you're here today a massive massive rise in renewable energy

investment and it has to reach the most vulnerable Nations that need it most and simply cannot afford it the good news

and there is good news not too serious right now renewable energy investment did jump in the past year up  from a

poultry two percent post the Paris agreements and also major economies stepped up to provide tangible support

the less good news we'll call it bad news fossil fuels subsidies doubled in 

 and have probably continued to rise

the industry itself sees look even if we meet our Paris obligations oil and gas

will still provide for around half of our energy needs in 

. if that's the case then that reality requires thoughtful infrastructure investment today what's more the lack of

diversification that exists in energy Supply today exists in clean energy too

great example electric car batteries Rose 

 in the past year Cobalt lithium

nickel all those prices Rose like OPEC plus today the Nations that mine these

inputs hold serious playing cards in the future energy Supply chains have to be

strong diverse sustainable or we're simply in danger of swapping one

challenge today for another and that's going to require Global cooperation finally our role as consumers the new

energy economy requires significant change from us the total

energy bill paid in the past year 

 trillion dollars globally for the first time ever what's more the top 

 of households consume  times the energy of the lowest 

 percent the richest

nations of the world have proved that they can drop their demand when prices are high that has to continue as prices

come down because it's simply the right thing to do whether we like it or not this is the

reality of the new energy economy now it's down to us to master the policies

that will sustain both the planet and its people now enough of me let's talk

about this with some of the world's most energetic Masters even at this time in the morning my introduced by panel fatty

Bill executive director of the iea Joseph sikler who's the minister of industry and shade for the Czech

Republic Vicky Holland president and CEO of Occidental Patty poppy CEO of PG E A Martin wolf

associate editor and chief economics commentator at the financial times welcome everybody fatty I'm going to

kick off with you you've said it clean energy energy security inextricably linked there's

opportunities there's also huge risks just fill it out for us briefly so may thanks Julian also framing the

discussion in the beginning well done so

th of February was the invasion of Ukraine by Russia

and first of March just a week later we set the entire world very publicly

that we are entering the first Global energy crisis

our work has never ever seen an energy crisis of this debt and of this

complexity why this is very simple the reason because Russia is of 

th of

Ferry was the number one energy exporter of the world we aren't

talking about any country top energy exporter number one oil exporter of the world number one guys exporter of the

world major play in the uh coal markets and the Russia's

actions and the measures that the countries took against Russia meant we

are in the middle of the first Global energy class with huge implications on

oil and gas markets we are saying in Europe in the rest of the world

however this crisis why we are going through this crisis

at the same time it gave a big boost to clean energy development because in

deep in the past the clean energy was Renewables electric cars efficiency heat

pumps they were growing but the main driver was environmental reasons

and now the biggest growth biggest driver of renewable energy growth today

is energy security Renewables are pushed very strongly

because mainly for energy security reasons because it's homegrown

Renewables are the the energy of Peace so therefore uh the long-lasting

solutions to our energy security problems go through clean energy it is Renewables it is solar wind efficiency electric cars nuclear