27 February 2009: In a speech to the Energy and Society Conference, which convened in Lisbon, Portugal, International Energy Agency (IEA) Executive Director Nobuo Tanaka provided an overview of the global energy outlook and insights into the role of renewables with respect to climate change mitigation and energy security.

In his 27 February 2009 address, he discussed how the financial crisis is affecting the energy outlook and explained that the crisis is currently driving down demand, prices and investment, but that an unexpectedly rapid economic recovery could squeeze supply capacity in the medium term. He outlined the key requirements for large-scale renewables deployment and the key principles for effective renewable energy policies. He then stressed the need for investments to ensure a sustainable energy future to address climate change and a major decarbonization of world’s energy system. In conclusion, he stated that the economic crisis is an opportunity to place a clean energy new deal at the heart of economic stimulus packages. [The Speech]