The International Energy Agency welcomed business leaders from across the energy sector and beyond to discuss recent developments in oil and gas markets, critical mineral supply chains, and how to navigate the accelerating growth in electricity demand.
The Energy Business Council (EBC) serves as an important platform for dialogue between the IEA and the private sector, facilitating the exchange of crucial data and expertise that inform the Agency's analysis and recommendations for advancing reliable and secure energy systems worldwide.
IEA Executive Director Dr Fatih Birol, who opened and chaired the meeting, said: "The private sector has a vital role to play in tackling the challenges facing the energy sector today. This is our opportunity for a candid exchange on how industry and governments can work together constructively."
The meeting - which brought together more than 70 senior executives from leading companies, as well as entrepreneur and former US Secretary of Energy Dan Brouillette - began with an overview of oil and gas market developments, examining supply adequacy and emerging risks in an increasingly uncertain geopolitical landscape. Participants explored approaches for strengthening cooperation between importing and exporting countries, while assessing how recent policy shifts might influence industry strategies.
The second session addressed the outlook for critical minerals, with a particular emphasis on how accelerating electrification is driving a surge in copper demand. Discussions centred on risks to supply chain security and its implications for economic outlooks and clean energy technologies. Industry leaders shared pragmatic approaches for diversifying supplies and enhancing recycling capabilities to strengthen mineral security.
The afternoon sessions focused on the theme of the approaching Age of Electricity that the IEA highlighted in its recent World Energy Outlook 2024. Participants examined trends in electricity generation and system integration challenges. The first part of the discussion analysed the roles of various power sources, including nuclear power and geothermal energy. Discussions covered the trajectories of solar PV and wind deployment, while also considering the ongoing roles of natural gas and coal in the energy mix.
The final session tackled the crucial challenge of matching electricity supply with demand. Industry leaders addressed persistent bottlenecks affecting infrastructure projects, including transformer shortages, labour shortages and administrative barriers that have impacted grid expansion. The discussion explored solutions for maintaining system stability with increasing integration of renewable power sources and the deployment of batteries. Participants also evaluated the pace of implementation of demand-side management and digital solutions.
Throughout the discussions, participants emphasised the need for coordinated action between industry and policy makers to address these challenges, particularly as the global energy system undergoes significant technological changes.
