Recent global activities have plunged the world into energy insecurity not seen since the 1970s. Russia, which supplies about 10-25% of the world’s oil, gas and coal exports, is currently embroiled in a war in Ukraine. As a result, European nations seek ways to ensure that they are not entirely dependent on Russia for their energy needs. Doing this will require the development of alternative energy sources not dependent on oil and gas. The EU plans to be energy independent from Russia by 2030. To do so, the Union plans to increase renewable energy investments and identify new gas sources. However, while this expectant future powered by solar, wind and nuclear plants looks attainable, it does not promise an easy escape from the grasp of energy crises.
In this article, The Economist highlights some of the challenges we could face and the resources needed as we transition from a fossil fuel-powered energy system to a low-carbon one. As western countries and companies reduce their financing for fossil fuels, the market share of the petrostates in OPEC+Russia will only increase. Countries are scrambling to increase their nuclear capacity, and there will be intense competition for green metals and minerals as production will be concentrated with serious sociopolitical implications for countries, especially those in the global south.
Read the article here.