The World Assembly,
Noting that multiple nations contribute to the production and distribution of energy sources, and that regulations concerning energy sources and energy markets vary between nations,
Acknowledging the fact that energy markets are increasingly internationally integrated,
Concerned about the potential of energy market disruptions in one nation to spread and cause disruptions internationally, hindering global economic development,
Recognizing that responsible, expert-driven regulatory policies play a key role in the prevention and minimization of effects of these disruptions,
Defines, for the purposes of this resolution,
- 1. Energy sources as anything which can have useful energy (an umbrella term for all physical forces needed to perform work on and/or heat tangible objects), derived from it, through means of a conversion to another form (such as through combustion, nuclear fusion and fission, photovoltaic and other electromagnetic processes, and so on),
2. Energy markets as a collection of commodity markets over which energy sources are bought and sold,
- 1. Be a professional organization, fostering cooperation between, setting primary regulatory policy for, and enforcing regulations through existing WA organizations involved in the production, distribution, and utilization of energy sources and/or energy markets, such as the World Assembly Oil Transportation Committee (WAOTC) and Nuclear Energy Safety Commission (NESC),
2. Have the ultimate say on regulatory legislation of member nations in regards to energy sources and markets, with WAEC regulatory policy also taking precedence over said legislation in cases where they conflict,
3. Consist of eleven experts on energy sources and energy markets, which shall
- a. have its members chosen by the WA organizations mentioned above, in proportion to the number of individuals which they employ, with their choices able to be altered at any time,
b. be responsible for setting the WAEC’s regulatory policy, with an emphasis on the minimization of disruptions and maximization of economic progress, and
c. meet at least once annually to discuss the current status of energy sources and markets, and make changes to WAEC policy, if need be.