DAEGU ― A top leader in the nation’s leading refinery GS Caltex stressed that managing power demand was a way to cope with energy issues and achieving a “sustainable” energy future.

“Managing energy demand is the key to achieving contradictory goals ― securing a stable energy supply and the response to climate change,” said Hur Dong-soo, chairman of GS Caltrex, in the first opening session of the 22nd World Energy Congress in Daegu aimed at discussing solutions for a sustainable energy future.

He made the suggestion given the reality that the world will have no choice but to lean on fossil fuels to meet the continuously growing energy demand.

“Nuclear energy, once hailed as a sustainable energy source, is shunned (by many countries) after the 2011 Fukushima disaster and development of new and renewable energy sources is lagging too far behind to pose a realistic alternative to fossil fuels in the near future,’’ Hur said.

“Under these situations, I believe raising energy efficiency through demand management could be a cost-effective method of reducing greenhouse gas emissions but also the economic burden of higher energy prices of a nation.”

The suggested energy solution is in line with the Korean government’s policy direction, seeking a shift to a demand-based energy policy from a supply-driven one. Korea is trying to raise an energy bill to curb energy demand and introduce energy efficient solutions.

To promote energy efficient solutions, Hur said it is also important for the government to set a clear guideline for related-environmental regulations like a ceiling on emissions.

“The measure will prompt R&D investments of energy companies,” he added.

In a separate development, the head of the oil company stayed positive on the future of the oil supply, despite some industry watchers raising concerns over dwindling reserves.

“Thanks to advances in oil exploration and drilling, fossil fuels are expected to last longer than previous expectations. Technological developments in unconventional fossil fuels such as shale gas, tight oil and gas hydrate look particularly promising,’’ he said.

By Seo Jee-yeon (jyseo@heraldcorp.com)