Energy Security

  Energy Security

Written by Caleb Cheha Paik

 Energy security, the uninterrupted availability of energy sources at an affordable price, is critical to a nation’s well being and prosperity. It revolves around the reliable and affordable access to energy resources, as well as protection against supply disruptions and price volatility. In today’s day and age, energy security is a global imperative sought by countries all around the world. 

    Energy security is significant for three reasons: economic stability, national security, and environmental sustainability. Economic stability and growth correlates with a consistent and affordable energy supply. Industries, businesses, and households rely on various amounts of energy in order to function efficiently. Furthermore, energy price spikes or shortages can cause reduced economic activity, inflation, and job losses. Secondly, overreliance on foreign energy sources can lead to consequences to a nation’s security. It renders the nation susceptible to geopolitical pressures, as energy exporting countries may use their source of energy as leverage to exert control. The conflict between Russia and Ukraine serves as a great example. Prior to the conflict, Ukraine and its allies heavily depended on Russian natural gas supplies. Consequently, these countries suffered a heavy impact on their energy security and economy. Lastly, energy security is not only about access to energy but also about the sustainability of energy sources. As the world is prioritizing cleaner and renewable energy, ensuring a stable, effective transition is essential for addressing climate change.

    To ensure energy security and its importance, a nation can implement many actions. Governments can encourage the use of diverse energy, including conventional and renewable, to reduce susceptibility  to price fluctuations and supply disruptions. They can also promote energy-efficient practices/programs in industries and households through regulations, and campaigns. These programs can include policymakers creating an environment for renewable energy development, including research funding and tax incentives. Furthermore, investment in energy infrastructure and collaboration among nations can ensure reliability and resilience especially during crises that require urgent mitigation. 

    Energy security is a complex issue that requires crucial attention. The current world needs to ensure energy security more than ever as the world faces challenges such as climate change and geopolitical tensions.