AmCham Energy Outlook: We face two choices, both with many variations, that each have their own benefits and costs

AmCham held the annual overview and discussion on the development of energy markets in Czechia and Europe.

Last Friday, Philippe Ducom, President, ExxonMobil Europe, Zsofia Beck, Partner, Boston Consulting Group (BCG) Hungary, Petr Materna, Partner, Kearney, David Hajmán, Director for Strategy, ČEZ, and Michal Kupec, Site Lead at Parker Hannifin in Chomutov constructed a framework for AmCham Czech Republic members to make informed decisions on how energy will impact their company's future. 

Companies, and the government, face two choices, both with many variations, that each have their own significant benefits and costs. One relies on today's technologies and chasing the cheapest source of energy. That is likely the most affordable today and the most costly in the future. 

The other depends on investing in new sources of energy, distribution and storage and in new technologies that will make our economy more efficient and sustainable. That costs far more today, but could put the country in a much stronger position to compete on technology and efficiency. 

If we choose investing in new sources of energy, distribution and storage and in new technologies that will make our economy more efficient and sustainable, we would need to view the EU's carbon reduction targets as a challenge rather than a burden. We would need higher coordination between businesses, and between business, government and universities, especially in targeting research funding to projects that end in advanced, sustainable products. We would need a strategy that could survive more than one or two electoral periods. And, finally, we would need to get the basic building blocks of any economic policy functioning at a higher level than the EU average. 

Thank you to our member companies and guest speakers for joining the session.

More info in a post by Weston Stacey, AmCham CZ Executive Director.