Energy supply security just became a top priority globally - ERDAL TANAS KARAGÖL

Energy supply security just became a top priority globally

The issue of energy is expected to be the main item on the global agenda. The security of energy supply in many countries dependent on foreign energy sources, especially developed countries, will become a top priority.

It is worth noting that the emergence of Russia's main role in the energy field with Moscow’s invasion of Ukraine, Russia's response to sanctions imposed on it with energy restrictions, and the possibility of Moscow weaponizing energy as a punitive tool is an issue of concern across Europe.

It is expected that the problems stemming from the disrupted flow of natural gas during the winter due to possible power outages could cause disruptions to daily life in Europe and may result in economic slowdowns, which in turn will also lead to further economic downturn in many developed countries which are already suffering from stagflation.

Economies and the issue of energy

With the slowdown of the impact of the Covid-19 pandemic in 2022, and the recovery of economies around the world, the demand for energy soared, especially in light of the Russian invasion of Ukraine; This has led to a significant increase in energy prices.

These increases have led to an increase in energy bills in many countries that depend mainly on foreign energy, and exorbitant prices in energy prices have increased inflation to the highest level.

We live in a period when inflation, which was not on the global agenda, especially in developed countries, is again making headlines, a period when central banks are racing to raise interest rates in order to curb inflation.

It is important to clarify the fears of a recession that may result from high interest rates, as well as the economic problems caused by high energy prices.

Meanwhile, energy revenues were the basis of the Russian economy, which survived the war. Russia continued to sell natural gas to many European countries that faced problems in securing energy sources due to the Russian-Ukrainian war, or more precisely, European countries continued to buy natural gas from Russia, even if they did not want to.

Accordingly, Russia continued to increase its energy revenues due to the rise in energy prices in light of these conditions.

Security of energy supply and measures taken

Doubtless that the issue of energy in the world requires accelerating steps to solve the security of energy supplies. Although many countries do not have reserves of oil and natural gas, we are in a period of accelerating new searches for the use of alternative energy sources.

On the agenda was the need to reuse coal and nuclear power plants, previously used as an energy source in Europe, in order to reduce or even end dependence on Russia for energy security. It has also become necessary to use traditional fossil fuels and to increase the share of renewable energy as an energy resource.

Indeed, ensuring the security of energy supplies and reducing dependence on foreign sources for energy is a long-term process.


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