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Addressing the energy trilemmaJoan MacNaughton, Chair, Assessment of Country Energy and Climate Policies, World Energy Council 046 ENERGY SECURITY

Global energy demand is rising, especially in emerging and developing countries, and it can be expected to continue on an upward path for the foreseeable future - even with heroic delivery of energy efficiency improvements. The importance of expanding access to electricity for the 1.5 billion who lack access today is increasingly recognised; indeed, without a step-change in the investment to address this problem, in 2030 there would still be 1.3 billion people in this situation,1 which is surely unacceptable. The challenges are daunting. Energy must be accessible and affordable, contribute to the well-being of people and the environment, and enhance economic growth now and for the future. Policymakers must accommodate these multiple requirements while reducing the carbon intensity of energy and addressing this "trilemma" of energy sustainability. Carbon pricing is probably the most important single measure to address the need for a stable policy which incentivises investment in clean technologies. More national or regional moves to encourage low-carbon investment by valuing carbon are urgently needed. This must be accompanied by other instruments which are well aligned with the carbon pricing framework. This article addresses four key drivers of low-carbon growth, applicable in both developed and developing countries. ?Pictured: Hydro transmitting towers in the Republic of Korea.ENERGY SECURITY 047