Policy makers grapple with energy security issues

For some, the heightened focus on energy security threatens climate goals, while others see it as accelerating decarbonisation, writes Georgia Gratton The war in Ukraine, and the consequent revival of concerns around energy security, has had major implications for climate policy, pushing advanced economies to intensify existing climate goals, but also giving fossil fuel producers an argument for their continued use. OECD leaders, as well as the group's influential energy watchdog, the IEA, moved rapidly to stress that a pivot away from Russian oil and gas and increased deployment of renewables would address all three aspects of the "energy trilemma" — decarbonisation, affordability and security of supply. But leading oil and gas producers have emphasised their credentials as reliable suppliers, while some have placed the focus on tackling emissions, not stigmatising their source. And those OECD governments have faced multiple challenges and criticism, with some bringing coal-fired power generation back on line and extending the life of nuclear power plants — controversial in certain jurisdictions — as well as because of the rocketing energy prices faced by consumers.

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