The world energy outlook is experiencing an unprecedented transformation. Recently, London was the scene of the Future of Energy Security Summit, a meeting that brought together representatives of the private and public sectors in more than 60 countries to discuss a topic that until recently we took for granted: the energy security.
This event, co-organised by the International Energy Agency (IEA) and the Government of the United Kingdom not only highlighted the current challenges, but also outlined the strategies necessary to cope with an energy future that is increasingly complex and interconnected.
New Vulnerabilities in the Global Energy Security
the main objective of The meeting was to identify trends and tools necessary to manage not only the traditional risks, but also new vulnerabilities that are redefining the energy sector at the global level:
- Cyber-attacks: The digitization of the energy infrastructure has created new attack vectors that can compromise critical systems in a matter of seconds.
- Concentration of critical minerals: The transition towards renewable energies depends on the minerals that are geographically concentrated, which represents a strategic risk significant.
- Extreme weather events: climate change is increasing the frequency and intensity of weather events that can seriously affect the energy infrastructure.
- Technical failures: Systems are increasingly complex and interconnected, the technical failures can spread quickly and can generate cascading effects.
The inaugural address of Fatih Birol, Executive Director of the International Energy Agency, was blunt: “The last few years reminded us that nothing is assured.” Between the pandemic of COVID-19 and the war in Ukraine, the map of global power shifted dramatically, and with it, the urgency to anticipate new scenarios.
“The energy security can no longer be taken for granted. We need to rethink our strategies and to strengthen international cooperation to address the emerging challenges.”
Fatih Birol, Executive Director of the IEA,
Revealing Data and Rules of thumb for the Energy Security
During the event were shared statistics that put into perspective both the challenges and opportunities in the industry:
Listing of Statistics and Implications for Energy
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Statistics: 750 million people without access to electricity.
Implication: there is still a significant gap in the access to energy services basic. -
Statistics: More than 2 billion people without access to clean alternatives for cooking.
Implication: severe Impacts on health (indoor air pollution), the environment (deforestation/emissions), and socio-economic development. -
Statistics: 85% of the new generating capacity installed in 2024 was a renewable source.
Implication: The energy transition global advances at a fast pace, reducing dependence on fossil fuels. -
Statistics: 1 out of every 4 cars sold was electric (2024).
Implication: radical Transformation of the transport sector and its demand for energy, driving, electrification and smart grids.
Against this background, Fatih Birol highlighted the Energy Security Golden Rules, three fundamental principles to ensure the energy security in the current context:
- Diversification: Not only sources of energy, but also on suppliers and supply chains, reducing vulnerabilities, and critical dependencies.
- Predictability: Establishment of regulatory frameworks stable and transparent that do not change constantly, allowing them to plan long-term investments.
- Cooperation:the Recognition that no single country can move forward only; the effective solutions require collaboration that transcends borders and sectors.
The Challenge Latin american and caribbean Cooperation and Predictability of
This global scenario raises a crucial question for our region: Can the private and public sector in Latin america to achieve cooperate within each country and between the countries that make up this region to become that ally predictable that the world needs so much?
Latin america possesses energy resources are abundant and diverse, from hydrocarbons to an extraordinary potential in renewable energies. However, the political fragmentation, volatility, regulatory and the lack of regional coordination have been limited historically its ability to take full advantage of these comparative advantages.
The current time represents a unique opportunity for the region to redefine its role in the energy map global. To achieve this, you will need to:
- Strengthen the mechanisms of regional energy integration
- Develop regulatory frameworks stable confidence-building in national and international investors
- to Implement coordinated strategies for the development of value chains around minerals critical
- to Establish regional protocols for cyber security for energy infrastructure
, And if a word runs through the whole of this analysis is to Risk. In a context where uncertainty and complexity increase, the insurance sector has the opportunity and the responsibility of becoming a key player in energy transition, developing innovative solutions that allow to effectively manage the new risk profiles.
The energy security is no longer just a question of supply and price; it is a challenge multidimensional requires new approaches, new partnerships and, above all, a shared strategic vision. The energy future of Latin america will depend, in large measure, on our ability to build that vision and translate it into concrete actions.
Are we ready to take this challenge? The answer will define not only our role in the energy scenario of the global, but also our possibilities of sustainable development in the coming decades.
