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NZ stays in global top 10 for energy balance - BusinessNZ

Fuseworks Media
Fuseworks Media

New Zealand is the only non-EU country to consistently rank in the global top 10 for balancing sustainability, affordability and security in energy.

This result is testament to a well-functioning energy market, strong policies and active efforts in the energy transition.

The World Energy Council's Energy Trilemma Index ranks 128 countries on how well they are achieving a balance between energy security, energy equity and environmental sustainability.

In a new evolution of the index, historic trends in each dimension are now compared to a baseline year - 2000 - to give a more in-depth picture of national policies.

New Zealand, ranked 10th this year, continues to show stable growth in energy sustainability. This is driven by a growing proportion of generation from renewables, as well as managed emissions in the context of economic and population growth.

Numerous independent studies have shown New Zealand’s renewable electricity is a key advantage in driving emissions reduction through electrification of transport and process heat. This leaves us well positioned for transitioning to a low carbon future.

Business Energy Council Chair Hon David Caygill says recent fluctuations in the security dimensions represent minor reduction in fossil fuel stocks, and slight upturn in import dependence since the late 2000s.

Equity remains stable and managed in a context of social change. Balanced policies for energy transition are represented in New Zealand’s overall balance grade of AAA.

Mr Caygill says, "we are currently developing a national ‘deep dive’ of the Energy Trilemma which we hope will provide the framework for the Government’s recently announced five-yearly assessment of balanced energy policies."

With the drive to transition our economy to a low emissions future, this framework will be able to highlight areas that need attention.

"When combined with the soon to be released BEC2060 energy scenarios we will have a rich source of information to will help us shape and guide the policy and investment choices and trade-offs we make," Mr Caygill says.

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