Transcript
A range of views were explored at the summit on how to confront the three-pronged challenge shaping the rapidly changing global energy scene.
The so-called energy "trilema" refers to the trade-offs between energy security, energy affordability, and mitigating environmental impact.
The World Energy Council's Secretary-General Christoph Frei admitted that the global community was still struggling to maintain the balance.
"We still have a billion people without access, we still are faraway from reaching climate objectives, and energy security in most places is under pressure as well. So we need to have a grand transition. That's where this decentralisation, decarbonisation and digitalisation drivers are so important."
Mr Frei said the three main drivers for change in the energy sector were opening up space for innovation and new technology.
"We have to leverage that opportunity. The fact that renewable opportunities explode with cheaper prices, the price crash on the renewable side is just a stunning, stunning development. And if we see more renewables coming in, we need also to accelerate the opportunities to bring many more of the same technology opportunities into the space."
Small countries are showing leadership about acting on climate change and converting to renewable energy sources
As Cook Islands prime minister Henry Puna explained, his country has made significant strides with installing solar power infrastructure in outer atolls...
"We made a policy commitment in 2010 that we will convert fifty percent of our country to renewable energy by 2015, and a hundred percent by 2020. We've done the 50 percent target, and that's all the northern group of islands, because they're the furthest from Rarotonga, so shipping, transportation and isolation are major issues. We don't worry about that any more."
A bigger regional country, Australia, has been criticised for its backing of coal power.
However, according to the Chief Executive of Australia's Energy Council, Sarah McNamara, the country's government is sticking to its Paris Agreement commitment.
But she said the current debate around energy in Australia was a contested political area amidst rapidly changing policy settings.
"Well in relation to the IPCC report and Australia's position in relation to climate change, yes the position of Asia Pacific's smaller nations does get mentioned. Our current government perhaps doesn't have a huge focus, or is trying to limit the focus on climate change issues, because as it quite rightly says, we are on track to meet the commitments we made in Paris. And we should be confident that we are going to meet those commitments."
Yet amongst the optimism is recognition that much work is needed to propel the transition.
Currently 80 percent of all energy consumed worldwide comes from fossil fuels.
