Give Me Some Energy
Climate change is putting pressure on governments all over the world to shift from traditional energy production to renewables. The problem is that this transition requires time and money, and it looks like we are running out of both. The summit of COP21 in 2015 laid the ground to tackle global warming with a very ambitious goal of limiting it to well below 2°C above pre-industrial levels. Unfortunately, no concrete measures or deadlines were announced, and it was up to each country to set its own targets. As a result, most countries, including the biggest polluters, followed moderate environmental policies. Fast-forward to 2021, scientists have basically given to world leaders an ultimatum, act now or suffer the consequences. At the same time, protests, especially from the younger generations, are intensified. Young people demand from their governments to protect their future, and they have every reason to do so. Climate change is a leading anxiety factor for adolescents and young adults.
However, transforming completely your energy supply network is not an easy task, and it cannot be done with the snap of a finger. The impacts of green transition are already disrupting everyday life for people around the world. A surge of coal prices combined with a sudden rise of export demand, after the lockdown, is causing daily power cuts to some Chinese provinces. India is suffering from coal shortages as well, which again have led to frequent power outages. Europe is also affected by the coal and oil prices. Electricity bills have started to bite and gasoline is being less and less affordable. Governments are struggling to address the issue, before public opinion turns against environmental laws. States are announcing subsidies for the low-income households in order to pay their electricity bills, but this measure alone might not be enough. We are facing a severe energy crisis, which may last for decades.
The main problem is that the pace we abandon oil and coal is faster than the pace we adopt renewable energies. This gap is caused by the cost of green energy. It is estimated that a 4 trillion investment is needed each year in order to reach the zero emissions goal globally. Yet we currently invest only half of this amount. The absence of funds along with the urgent need to cut emissions forced international players to find a temporary solution… natural gas. For the decades to come natural gas will be the energy sector king and states are doing everything in their power to ensure their gas reserves will not run out. Germany ignored the US warnings and the Ukrainian concerns and went forward with the construction of Nord Stream 2. Russia has the upper hand in case of an energy war and this has turned Europe’s interest to alternative sources like Israel, Libya and Syria. Turkey is successfully taking advantage of her strategic location and is acting as intermediary between gas producers and gas consumers. All the above are examples of how the climate change is shaping the modern geopolitical arena. Climate will play a vital role in domestic and international politics during the upcoming decades, and energy sufficiency is not to be taken for granted.
