Russia’s invasion of Ukraine called into question several factors, including energy security. It is worth noting that Russia is a significant supplier of oil and gas. Against occupiers, several major economies developed plans to reduce their dependence on hydrocarbons over the last few weeks.
On Friday, the U.S. and the European Commission stated energy security, a main theme after the Russia-Ukraine war. According to this, they announced the creation of a joint working group on this topic. The parties said the U.S. aims to provide at least 15 billion cubic meters of additional liquefied natural gas capacity to the E.U. This year. The digits will rise in the future.
Commenting on the agreement, President Biden noted that the United States and the European Union would work together to take concrete measures to reduce dependence on natural gas. Also, maximize the availability and use of renewable energy. All of the above speaks to the enormous task that governments worldwide face; Who says they want to reduce their dependence on fossil fuels; Also avoid the worst consequences of climate change, and safeguard energy security.
On Monday, as Russia’s invasion continues, challenges and opportunities facing the energy sector were discussed at the Atlantic Council Global Energy Forum in Dubai. Eni C.E.O. sought to highlight the sector’s ongoing tensions during the panel. He says it is madness to think that there is something that can replace everything.
Russia and U.S. Solution
In a speech, Monday, Anna Shpitsberg, deputy assistant secretary for energy transformation at the U.S., noted that the US-EU working group would focus on L.N.G. supply. It also seeks to provide certainty to American manufacturers that will strengthen and increase supply in Europe in the long run by 2030.
It was also important not to compromise on energy transitions. Shpitsberg called hydrogen a game-changing technology. It can support nuclear, gas, renewable energy sources, clean up a large part of it, and use and store carbon capture. The fact is that the market has enough signals; The regulatory environment will provide alerts for current energy security. However, all resources that may require for the transition process are also sent. The U.S. invests billions of dollars in hydrogen research and development.
So-called by the International Energy Agency as a functional energy carrier, hydrogen has various applications; it can expand in parts such as industry and transport. Hydrogen can be produced in several ways. If the electricity used in this action comes from a renewable cause such as wind or solar, some name it green or renewable hydrogen. Although some quarters are excited about the hydrogen potential, The vast majority of its generation is currently based on fossil fuels.
It is worth noting that Ukraine has been trying to defend the territory from Russia’s attack since February. In 2021, energy-related carbon dioxide emissions rose to the highest level in history. The IEA found that global energy-related CO2 emissions increased by 6% last year; Thus, it reached 36.3 billion metric tons.
The world’s leading energy authorities cited coal consumption as the main growth driver in the analysis. Coal is said to be responsible for more than 40% of the total increase in CO2 emissions last year, Which reached a record 15.3 billion tons. The IEA says CO2 emissions from natural gas will exceed the 2019 level by 7.5 billion tonnes. And CO2 emissions from oil are 10.7 billion metric tons.