The world is holding its breath, waiting for the latest news from Japan, and hoping that there will be a "happy ending" to what has become a nightmare for the country. Japan is struggling with a triple tragedy: the earthquake, the tsunami and the nuclear accident. With Japan recently raising the Fukushima Daiichi nuclear power plant accident to a level 7 incident, there will be much to learn from these most testing of circumstances.

This is a time of great uncertainty and emotion for nuclear energy, and though the magnitude of the situation has to be acknowledged, we should not jump to conclusions about the future of nuclear power.

Rather, the Fukushima crisis reminds us that the world needs a range of energy sources to sustain global economic development. Energy demand is expected to double by 2050, and we will need to halve our emissions during the same period. Only with a balance of supply can we enhance national well-being, fight poverty, address climate change and meet this target. With Japan suffering the additional trauma of energy shortage, we are reminded that the answer to the crisis is not to simply switch off nuclear power supply.

One year after the accident at the oil platform in the Gulf of Mexico and the resultant environmental disaster, we recognize that all sources of energy carry a certain level of inherent risk. Be it coal mining, oil drilling, unconventional gas extraction or dams, our efforts must be combined to enhance safety and protect the environment. We need to further improve the way we exploit our existing sources of energy and increase our drive to find and develop new, safe and clean sources of energy.

As we move forward we must look deeply and frankly into the question of safety systems and how nuclear power is organized worldwide. The current situation, in which national bodies look to administer international safety guidelines, allows for too much variance between countries. We need to foster stronger national bodies which are independent, transparent and competent safety authorities staffed with highly skilled experts who enjoy public trust.

These authorities should also be entrusted with real power to investigate, control and ultimately halt the operation of a unit, a whole plant or even the development of future plants. In the short term, this will require regular and effective coordination between the national authorities to make safety not an issue for competition but rather an issue for cooperation.

In the longer term, we need to promote a truly international level of governance with a unique agency or authority which is given the power to arbitrate. We already have the means to take great steps forward to enhance and improve safety on a continuous basis.

Indeed, global institutions such as the International Atomic Energy Agency and, at the operational level, the World Association of Nuclear Operators are committed to improving nuclear safety worldwide. It is time to reinforce and enrich these existing institutions, while adapting them to the realities and new challenges of our world. This implies a reviewed legitimacy and power, and revisited objectives, missions and resources.

This approach would engender systematic sharing of experiences and enable the bar to be set on the very best business practices. In this respect, the need to understand the Fukushima accident and share the experience will be of great help to all nuclear operators and safety authorities around the world.

We are at a key stage in the growth of nuclear energy technology. As we innovate and develop the techniques that will be used to guide the next generations of reactors we need to enhance the knowledge base of our nuclear experts. Simultaneously, we have an opportunity to benchmark competence, technical understanding and processes. New safety requirements may encourage better technological and design selection. Site selection and engineering design will obviously come under renewed scrutiny with a revised view of the effects of earthquakes and tsunamis.

In the nuclear sector, safety cannot be used to provide a competitive advantage. The cost of all energy is set to increase to accommodate the enhanced safety standards rightly required by society. This will put considerable strain on the global economy, and the delay in meeting demand have the potential to stifle growth.

The new world governance on nuclear safety will have to create conditions for the adoption of this harmonious approach and shared practices. I believe this is possible. In aeronautics, for example, the safety of an aircraft is no longer a competitive advantage, because safety could be compromised in the competition between aircraft manufacturers. Companies across the world now developing airplanes respect the same safety norms in their conception, and national authorities strictly control the conditions of use. An accident in a nuclear power plant anywhere in the world has the potential to affect the entire planet. It is vital for everyone's well-being that safety conditions are equally respected around the world.

This new cooperation, and eventually new governance of nuclear safety, will allow the nuclear world to move on from the current cataclysm and overcome the swift erosion of its acceptability. In short, the nuclear sector has to regain the confidence of the public to survive.

The author is chairman of World Energy Council, an alliance of more than 90 countries, which provides an independent forum for thought-leadership committed to a sustainable energy future.