- Oct 13, 2021 6:26 pm GMT
Later in the month, energy leaders are headed for Glasgow for the 26th annual United Nations Framework Convention on Climate Change (UNFCCC), known as COP26. Conference leaders have also asked for increased monetary contribution for regulatory framework for implementing and enforcing the pledges made in the 2015 Paris agreement. At the same time an energy crisis is unfolding in Europe and Asia which could set the world back in terms of carbon emissions, and which showcases just how difficult the road to decarbonization will be.
- The energy crisis that is unfolding across the globe could set the world back in terms of carbon emissions as coal and gas demand skyrockets.
- Achieving net-zero is going to require an extremely delicate balancing act as the world struggles to move away from fossil fuels while keeping the economy running smoothly.
- In the energy sector, supply has simply been unable to keep up with demand, causing an energy crunch and severe price spikes in the European Union, China, and India,
- EU is trying to walk a tightrope act between getting enough natural gas from Moscow to stay afloat without seriously compromising their energy security.
- China has now lightened its restrictions on coal mining for the last three months of the year in order to keep the lights on and keep supply chains in motion
- The critics say; the current U.S. administration is repeating the mistake that the EU made in its ambition to green itself up and cut emissions both deeply and quickly
Achieving net-zero is going to require an extremely delicate balancing act as the world struggles to move away from fossil fuels while keeping the economy running smoothly. This current crunch is likely just one of many similar hiccups to come. Energy-strapped countries are going back to coal, that spells out major trouble for the climate. The green transition likely won’t be easy or smooth, and will almost certainly continue to hurt consumers in the process, but the alternative is far worse.
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