Investing in Energy Security Risk Mitigation

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Developments in the energy markets, particularly for hydrocarbons, over the last decade have contributed to an increased sense of vulnerability among countries about the future availability of reasonable priced energy. As a result, energy security is once again uppermost in the minds of the general public and policymakers. Therefore, investing in future energy sources to meet the growing global demand for energy is likely to remain a major preoccupation of countries for the foreseeable future. The publication addresses challenges facing the United Nations Economic Commission for Europe (UNECE) region in achieving a secure and sustainable energy future. It discusses government roles in energy investment, methods of financing energy projects, performance of national oil companies, and four country case studies, and presents conclusions and recommendations on energy security, including on infrastructure investment and financing.




Three basic objectives or drivers lie at the core of the energy policies of countries belonging to the United Nations Economic Commission for Europe (UNECE). These are enhancement of energy security, the promotion of economic efficiency, and the protection of human health and the environment. Energy security has grabbed most of the headlines recently because of the significant rise in oil prices from $20 in 2003 to about $135 per barrel as of June 2008, and concerns regarding the overall tightening of world energy markets and increasing geopolitical and energy security risks. Once again, stark warnings can be heard about the sharp draw down and availability of conventional hydrocarbon resources.


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