UNIDO Vienna Energy Forum Virtual Series: Energy-Industry Nexus
Vienna, Austria
Joseph McMonigle, Secretary General of the International Energy Forum, was invited to speak in a virtual panel discussion on 14 October 2020 organised by the United Nations Industrial Development Organization (UNIDO) Vienna Energy Forum (VEF). The session explored the integration of sustainable energy in industry to ensure transformational development outcomes.
Mr McMonigle highlighted that COVID-19 and the associated fall-out in demand has put greater pressure on industry to seek sustainable solutions. Given that the energy sector is by far the largest source of greenhouse gas emissions, industry can take three key steps to ensuring a more sustainable and productive energy-industry nexus which include:
- Integrating UN Sustainable Development Goals into company strategies
- Advancing Clean Energy Technologies through research and development and new business models
- Accelerating investment, trade, and technology transfer through dialogue and collaboration on the IEF Platform
He added that stimulus measures to overcome the COVID-19 crisis should reinforce investment in various carbon management options to achieve energy access and emission reduction goals faster. Government ambitions to deploy hydrogen in hard to decarbonise sectors will also reduce hurdles to investment in Carbon Capture Use and Storage. Additionally, coupling industry processes across sector and national borders will further help build the scale that change requires.
Mr McMonigle emphasised the role of greater data transparency on carbon management options, data, and metrics. This will allow for better assessments of progress in Circular Carbon Economy technologies and Climate Neutral growth strategies. Making data on CO2 storage and added value options more freely available and readily comparable will help to measure compliance with the policy standards governments set.
The VEF virtual series is an online discussion platform established under the umbrella of the VEF to build momentum in the lead-up to the UN High-Level Dialogue on Energy in 2021 and the main VEF event on 6-7 July 2021 in Vienna, Austria under the theme "Accelerating Energy Transition."
