"policy And Regulation In A Rapidly Evolving Energy Landscape: Balancing Consumer Needs And Sustainability Goals"

 "policy And Regulation In A Rapidly Evolving Energy Landscape: Balancing Consumer Needs And Sustainability Goals" - As new technologies drive new business and service models, governments must quickly create, modify and enforce regulations. The most important question is how to protect citizens and ensure fair markets, while allowing innovation and business to flourish.

Major technological advances are creating major changes in today's regulatory environment, posing significant challenges for regulators as they seek to maintain a balance between fostering innovation, protecting consumers, and addressing the potential unintended consequences of disruption.

"policy And Regulation In A Rapidly Evolving Energy Landscape: Balancing Consumer Needs And Sustainability Goals"

New technologies such as artificial intelligence (AI), machine learning, big data analytics, distributed ledger technology and the Internet of Things (IoT) are creating new ways for consumers to interact – and disrupting traditional business models. It is an era where machines learn to learn by themselves; autonomous vehicles communicate with each other and with the transport infrastructure; and smart devices respond and anticipate consumer needs.

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In light of these developments, regulatory leaders are faced with a key challenge: how best to protect citizens, ensure fair markets and enforce regulations, while allowing these new technologies and businesses to flourish?

The assumption that regulations can be created slowly and deliberately and then remain in place, unchanged, for a long period of time is invalidated in today's environment. As new business models and services emerge, such as ride-sharing services and initial coin offerings, government agencies are challenged to create or modify regulations, enforce them, and communicate them to the public at an unprecedented pace. And they must do this while working within legacy frameworks and trying to foster innovation.

As seen in the history of early automobile regulation (see "History Lesson" sidebar), strict restrictions on motor vehicles—laws designed to protect pedestrians, horse-drawn carriages, and even livestock—set back progress in automobile development for decades. Today, regulators face similar challenges. They must balance their responsibility to protect citizens with advancing innovation in new technologies and businesses, resisting the urge to over-regulate.

This study is the first in a series of Deloitte papers on the future of regulation. The next study will explore how regulators can use technologies and tools such as machine learning, text analytics and design thinking to dramatically change the way they work, generate efficiencies, reduce costs and increase compliance and adoption.

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This paper begins by exploring the unique regulatory challenges posed by the technologies and business models of the digital age. The second part describes four critical issues that policymakers and regulators must address when it comes to regulating the digital economy. Finally, the third section provides a set of five principles that will guide the future of regulation:

Scholars have identified a host of challenges that new technologies pose to traditional regulatory models, ranging from coordination issues to regulatory silos to the sheer volume of outdated rules.

We have grouped the four most important challenges into two segments: business and technological (see Figure 1).

Existing regulatory structures are often slow to adapt to changing social and economic circumstances, and regulatory agencies are generally risk averse. Rapid adaptation to emerging technology, therefore, presents significant obstacles—and, in turn, to the technology industry, where change occurs at a rapid pace.

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"If the scale and pace of digital transformation continues as it is, the current regulatory approach will not work," said Bakul Patel, associate director of the US Food and Drug Administration's (FDA) Center for Digital Health. The gap between technological progress and the mechanisms intended to regulate it - often referred to as the "pace problem" - is only widening. “There is a disconnect between the speed, iterative development and ubiquitous connected nature of digital health technologies and existing regulatory structures and processes,” says Patel. "The current regulatory approach is not well suited to support that rapid pace of development."

Digital products, services and industries can get very big, very fast. The policy cycle often lasts from five to 20 years, while a unicorn startup can grow into a company with global reach in a matter of months. Airbnb, for example, went from 21,000 arrivals in 2009 to 80 million in 2016.

Meanwhile, cities and states are still trying to figure out how and if they can regulate short-term rental markets.

Tightening regulations for new, highly visible industries bring new political and shareholder pressures. It's one thing if regulation slows down the start-up of new firms or industries - and quite another if it stifles their growth.

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But that will partly depend on regulation. According to one survey, 53 percent of Asian fintech investors cite tightening regulations as one of the biggest challenges for fintech, second only to risk management, and 89 percent believe that regulations will continue to tighten.

Regulatory challenges for the industry are compounded by the existing mixed regulation. Many national regulatory systems are complex and fragmented, with different responsible agencies exercising overlapping powers. Trade frictions arising from regulatory redundancies and patchwork are at the very heart of today's trade agenda.

Cross-border coordination with regulators is another challenge. Since the late 1980s, many organizations and consortia have emerged to serve as independent standards-making bodies that meet the unique needs of emerging technology sectors.

The history of automotive regulation offers a powerful lesson about the potential dangers of over-regulating new technologies and industries. As they attempted to develop automobiles in the late 1800s, British innovators were severely constrained by Acts of Parliament that initially addressed the dangers posed by steam engines. Specifically, the Locomotive Act of 1861 required that "locomotives"—defined as mechanically propelled vehicles—carry at least two people and not exceed 10 mph on turnstiles or two mph when passing through towns.

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In 1865 Parliament tightened the rules significantly with an amendment known as the “Red Flag Act”. This law required self-propelled vehicles to be operated by a crew of at least three, with one person walking at least 60 meters in front of the vehicle, carrying a red flag to warn pedestrians and other vehicles—including horse-drawn carriages—of an approaching locomotive. In addition, the law reduced the speed limit for self-propelled vehicles to 4 mph on highways, while maintaining a two mph speed limit in towns and villages.

The Act was eventually repealed in 1896, but by then its provisions had effectively stifled the development of road transport in the British Isles.

In the United States, several states passed similar "red flag" laws in the late 1800s to provide safety measures for early automobiles. Pennsylvania contemplated one of its most infamous red flag laws in 1896, which would have required all drivers, upon encountering cattle or livestock, to stop immediately, "dismantle the car as rapidly as possible" and "conceal the various components from view, behind nearby bushes until the horses or cattle calm down enough.” The governor vetoed it.

The point of this history lesson is not that no regulation was necessary. Rather, it illustrates that the ordinance passed tended to reflect an understanding of yesterday's technologies rather than what was emerging at the time.

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These examples illustrate the "too fast" problem. Regulators are trying to avoid this while also avoiding the "too slow" problem.

A good example of the latter is the continued exposure of consumers to radioactivity after its dangers were well understood. Hermann Joseph Muller first recognized the genetic effects and increased cancer risk associated with radiation exposure in 1927. But products such as the Radiumscope toy were still being sold in the 1940s.

Disruptive Business Models Many information-economic activities have developed with complete disregard for the executive branch's organizational chart, cascading around and across existing lines of government.20 —Julie E. Cohen, Professor of Law and Technology, Georgetown Law School

Disruptive forms of technological change often cross the boundaries of traditional industry. As products and services evolve, they may shift from one regulatory category to another. For example, if a trucking company starts delivering food, it may fall under the jurisdiction of health regulators. If it is extended to helicopter service, it will fall under the jurisdiction of aviation regulators. If it uses autonomous vehicles for passengers, it may come under the jurisdiction of telecommunications regulators.

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Despite often challenging regulatory regimes, transport companies have grown rapidly and put enormous pressure on traditional regulatory regimes. Maintaining consistency in rules and regulations is particularly difficult in the sharing economy, which often blurs the lines between suppliers, intermediaries and customers.

The evolving, interconnected nature of disruptive business models can also make assigning liability for consumer harm difficult. For example, if a self-driving car crashes, who is responsible - the software developer, the car owner or the passenger?

Volvo Cars, the Swedish car manufacturer, expects the responsibility to shift from the driver to the manufacturer. "Automakers should take responsibility for any system in the car," Anders Karrberg, vice president of government affairs at Volvo Car Corp., told the U.S. House Energy and Commerce Committee's Digital Commerce and Consumer Protection Subcommittee. "So we have stated that if there is a failure of the [driving] system when it is operating autonomously, we take responsibility for the product."

Similarly, consider 3D printed products. How should product liability laws be applied? Who is responsible if 3D printed furniture breaks? Is it the shop that printed the part, the design supplier, or the printer manufacturer?

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In the case of virtual currencies, the anonymous, decentralized nature of transactions presents a particularly difficult challenge for regulators. In June 2016, Decentralized Autonomous Organization—a project using a platform based on the Ethereum blockchain—was

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