Tillerson: it is more important than ever that we swiftly take on challenges
By Pratap John/Chief Business Reporter

Future growth in world energy demand is a cause for optimism because it will signal economic recovery and progress, said Exxon Mobil Corporation chairman and chief executive Rex W Tillerson.
ExxonMobil is forecasting the global economy to more than double in size between 2010 and 2040, and during that time energy demand will grow by more than 30%.
Projections of significant population growth combined with expanding trade, new technologies, and transformative economic opportunities will drive economic expansion and rising standards of living – particularly in the developing world, Tillerson said in his address at 20th World Petroleum Congress here yesterday.
“The energy and economic challenges the world will face in the decades to come require a business and policy climate that enables investment, innovation and international co-operation. Sound policies and government leadership are critical.”
Tillerson said that the key to unlocking new economic growth is for industry, governments and society at large to focus on their respective roles and responsibilities.
Government has a responsibility to provide a stable and fair legal, tax and regulatory framework; industry needs to invest with discipline to develop energy in a safe and environmentally responsible way, and the public also has a role to play, Tillerson said.
“Citizens and consumers need to understand the importance of energy, the vital role it plays in economic and social development, and how sound policy supports responsible energy development and use.’’
Tillerson said Qatar is a leading example of what can be done when policies are in place to enable investment and innovation.
“In just over a decade, Qatar has risen to become the world’s leading supplier of liquefied natural gas. In the process, the nation has unleashed its own economic growth, supported innovation, spurred job creation and strengthened the energy diversity that allows free markets to maximise the value of national resources for producers and consumers. Qatar is a beacon of energy prosperity.”
Tillerson said the current economic challenges will not last forever.
“There is reason for optimism but it is more important than ever that we swiftly take on these challenges with a sound and principled response,” he said.
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