A Holistic Solution To Energy Security

To ensure energy security, a more holistic global policy framework is needed. This would encourage companies to cooperate in ways that facilitate the flow of finance, technological advancement and increase capacity.

Since 2014 the overarching priority has been to reduce global emissions and move away from the global dependence on fossil fuels and natural resources, which are considered harmful to the environment.

The common-sense solution has been a move to renewable energy as a primary global energy source.

The current situation involving the invasion of Ukraine by Russia and the sanctions imposed, as a result, have shown how interconnected national economies are. It has also highlighted how unstable energy supplies impact every aspect of those economies.

Higher oil prices across Western Europe have led to higher energy costs for business, which consumers then pay for as prices rise for goods and services.

Current Scenario of Renewable Energy

The holistic solution involves both short-term and mid-term goals.

According to the IRENA (The International Renewable Energy Agency), current pace and scale of renewable energy is insufficient to replace fossil fuels entirely.

Governments are facing the problem of energy security, economic recovery, and affordability of energy bills for households and commercial businesses, particularly…