- Russia is responsible for supplying oil and gas to most European, Asian, and other demographics. Thus, any sanctions on the country can hurt Russia and the rest of the world economy as well.
- The EU, USA and other countries are in a conundrum as to how they would meet their energy demand if exports from Russia were completely banned.
- The ongoing energy crisis has signalled the importance of shifting to renewables for energy production. Depending upon one country for most of the energy supply could come at heavy costs for the rest of the world.
Russia is one of the world’s largest oil and natural gas exporters. Naturally, the country has always enjoyed an advantageous stage because of the high demand for Russian oil and gas in the world energy market. Thus, recent sanctions imposed by the USA and other countries might not do complete justice until the world economy becomes energy resilient.
Oil & gas- the geopolitical weapon
Amid the Russia-Ukraine war, it has become clear that energy supply is a significant geopolitical weapon. Russia is responsible for supplying oil and gas to most European, Asian, and other demographics. Thus, any sanctions on the country would hurt Russia and the rest of the world economy as well.
Some might say that Russia has the upper hand in the battle because of its vital oil and natural gas production. Consequently, the EU, USA and other countries are in a conundrum as to how they would meet their energy demand if exports from Russia were to be completely banned.
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The need for alternatives
As the world is becoming more and more energy intensive, the need of the hour is to think of energy alternatives. The recent Intergovernmental Panel for Climate Change (IPCC) report also pointed out that fossil fuels are “choking humanity”. We therefore need alternatives to fossil fuels for energy production.
The talk on renewables for energy has been on the table for quite some time now. However, the mass adaption of renewables to produce energy has been low. This is primarily due to high investment and transition costs, lack of initiatives and awareness, limited access to newer technologies etc.
But the Russia-Ukraine war has re-established the need to shift to renewables from fossils. Let’s understand the subject in depth.
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Russia-Ukraine war & importance of renewables
Europe and the rest of the world is very much capable of building solar and wind energy-producing units. Accelerating the deployment of new solar and wind projects would help the world become independent of fossil fuels.
Nuclear power is the largest source of low emissions of electricity in the US. However, several plants were shut in the past years because of safety protocols. Thus, with better safety guidance, nuclear can become a great source of energy generation. Nuclear and bioenergy are both low emission producing resources. Thus, higher dependency on these would make economies both independent and climate friendly.
Lastly, the current ongoing fuel crisis and high inflation have indicated the need to become more energy efficient. The energy supply is limited globally; however, the demand is exponentially increasing. Thus, it is impeccable to become more energy efficient both on the macro and micro levels.
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The ongoing energy crisis has surely signalled the importance of shifting to renewables for energy production. Depending upon one country for most of the energy supply could come at heavy costs for the rest of the world. Thus, it is crucial to shift to become energy resilient and efficient in the present geopolitical scenarios.