Hormuz shock jolts nations into action

COUNTRIES BACK ENERGY EFFICIENCY PUSH AT IEA MEETING

- BY JUSTIN VARGHESE

Governments around the world are stepping up efforts to better protect households and businesses from future energy crises after recent geopolitical conflicts exposed how quickly global fuel markets can become volatile, pushing up living costs and disrupting economies.

Energy ministers and senior officials from dozens of countries agreed yesterday to make energy efficiency a central pillar of national energy policy, describing it as one of the fastest and most cost-effective ways to reduce energy bills, strengthen energy security and cushion consumers from future price shocks.

Resolve forged in Montreal

The commitment came at the International Energy Agency’s (IEA) 11th Annual Global Conference on Energy Efficiency in Montreal, co-hosted by the Canadian government, where policymakers said the latest turmoil in global energy markets following the recent conflict in the Middle East had reinforced the urgency of reducing dependence on volatile fossil fuel markets.