Energy security moves to centre stage in global politics

Suddenly energy security has become a central issue in world politics. The international regime among the industrialised countries after the 1973 oil shock needs to be broadened to take account of new geopolitical and technological realities and climate change.

Research and technology in the energy sector has huge potential for future growth, given the facts of climate change caused by burning fossil fuels. The point is made very effectively by Daniel Yergin in the current Foreign Affairs journal. Over the past 30 years US GDP has grown by 150 per cent, its energy consumption by only 25 per cent. Thus efficiency, conservation, alternatives and renewables have worked – although this has partly been achieved because the US economy is now “lighter” than before, being less dependent on heavy manufacturing. There are huge opportunities to develop technologies and supplies of energy, which could be key factors in Europe’s economic regeneration. This could have a worldwide impact, enabling China and India to jump over previous developmental mistakes.

tmcnet