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10. October 2024

Strengthening energy security amid geopolitical shifts and climate challenges in focus at the 7th Vienna Energy Security Dialogue

The pressing challenge of managing energy systems with wise foresight and balancing immediate energy security concerns with long term climate and energy goals was at the core of this year’s edition of the “Vienna Energy Security Dialogue”. Titled “Energy security in the long run: managing energy systems with wise foresight”, the event took place on 8 October in partnership with the “Organization for Security and Cooperation in Europe (OSCE)”, the Federation of Austrian Industries, and Ernst and Young Austria.

Over 220 policymakers, scientists, academics, civil society and industry representatives gathered to discuss the increasing complexities of global energy security against major geopolitical shifts and the growing challenges posed by climate change. Together, they explored insights and strategies to address these challenges, offering a well-rounded perspective on managing energy systems for a sustainable and resilient energy future.

Three “C’s” are crucial for the success of our energy transition: “competence, coordination and capital”, so Dr. Peter F. Kollmann, CFO of the Verbund AG and Member of the Board of the World Energy Council Austria. “This calls for the urgent need to gain understanding on how to strike the right balance between these dimensions. Mr. Ales Presern, CEO of Siemens Energy and Vice-President of the World Energy Council concerned not only the relevance of rapid technology deployment and grid expansion but also the harsh realities of a warming world.

Since its inception in autumn 2018, the “Vienna Energy Security Dialogue” has become a leading annual international forum for energy stakeholders to share experiences and ideas on building safe, affordable, efficient and environmentally sound energy systems.

Gerhard Gamperl, Secretary General of WEC Austria, highlighted the increasing need for a long-term vision that incorporates foresight, resilience, and adaptability. “This all requires collaboration across sectors and borders, sharing knowledge, and leveraging collective expertise to foresee potential challenges and devise proactive strategies,” he said.

Throughout the event, experts shared their insights into the current energy landscape and the main challenges and opportunities that lie ahead.

Speakers covered a range of topics, including the geopolitics of stable supply, the oil and gas sector, balancing power supply and demand, regulatory frameworks for a clean transition, climate risk considerations for energy system planning, green financing and insuring, and implementing digital and data driven solutions to enhance energy security in the long run.

Additionally, the event included an interactive panel on energy education, efficiency and inclusivity for enhanced energy security that welcomed two Young Energy Professionals of WEC Austria and two mentees of “OSCE-GWNET Mentoring Program on Empowering Central Asian Women in Renewable Energy” to share their experience on engaging youth and women in the energy sector, as well as empowering communities in the energy transition.

In closing, Ms. Sylvie Goyet, Head of Environmental Activities at the OSCE, said that “the dialogue at the event underscored the central role of energy in our overall security landscape and therefore the critical need to develop energy systems within a security and efficiency perspective.”