The energy crisis and the Russian armament of gas supply to Europe have reportedly restructured the immediate priorities of policymakers.
The European governments are apparently struggling to make adequate energy supply available for the winter and subsidize multi-billion-dollar packages to help households and businesses cope with the rising gas and electricity bills.
Although energy security is the topmost agenda in the wake of winter heating seasons, energy officials and policymakers have been working on the long-term vision of expanding renewable energy generation. This will significantly help to boost energy security and replace fossil fuel consumption.
Still, the message has become more balanced this year than the previous years as net-zero goals are reasonable but saving people from being frozen this year would be better.
In response, BP’s chief executive Bernard Looney stated that this is the energy tremella that requires to be solved.
Apparently, the Europeans were seeking net zero from energy two years or three years ago.
However, if asked today, they would disclose that there should be a proper energy system that works, stated Looney at the ADIPEC energy conference in Abu Dhabi.
An energy system that works properly to provide affordable, secure, and cleaner energy, added Looney.
BP’s chief executive noted that policymakers must learn that instead of a Paris agreement that emphasizes emissions, maybe the world requires a Paris that focuses on bringing solutions for the energy trilemma.
Looney said that the world needs a plan not just to mitigate the emissions but to address security and affordability.
Furthermore, the Russian invasion of Ukraine and the limited supply of Russian natural gas to Europe demonstrated that secure energy must be sourced domestically or brought from allies without being dependent on any other source or nation.
It is worth mentioning that domestic sources of wind and solar power could remove some fossil fuel import needs; however, this it would need multiple years.
Meanwhile, fossil fuels are the only source that can fulfil the world’s energy requirements.
Source credit - https://finance.yahoo.com/news/energy-security-becomes-priority-amid-000000215.html