There can be no national security without energy security.
Energy security comes from energy sufficiency - not necessary self sufficiency, but sufficiency through a mix of own production and generation, and supply from trusted partner nations. In an ideal world, energy abundance over energy sufficiency.
The big dilemma plaguing Europe - amidst Russian aggression and malign actors such as China, Iran and North Korea - is how to achieve energy security. Is it by fast-tracking renewables or furthering fossil fuel usage for economic growth, but prolonging the chains fossil fuels and dependency from non-desirable nations.
The answer is all the above, but with the ongoing wind down of fossil fuels.
- Fossil fuels are a cheap source of energy - for both power generation and transportation; affordability remains a must in a world where the high cost of living is causing society to challenge the the foundations of democracy.
- Self generation through renewables must ramp up to allow the West to wean off fossil fuels over time. Green fuels must also be part of the solution for harder to abate sectors.
The simultaneous ramp-down of fossil fuels and ramp-up up renewables is the path forward. The electrification of the economy - particularly the adoption of EVs - is gradual, and the ramp provides the time needed to transition. Renewables build-out, battery storage roll-out and grid augmentation takes time and cannot be delivered over night.
The ramp will also allow the required investment to be phased. The energy transition is expensive and it needs to be paid for. But too much financial pain for the public will not be tolerated.
A clear plan is what is now required, to allow regulation to be designed and finalised, providing investors with certainty on proceeding with the necessary projects to deliver the energy transition.
