Senior government officials and industry representatives put the energy crisis generated by the war in Ukraine near the top of their agenda of their annual gathering in Switzerland. The head of the International Energy Agency contrasted the oil crisis of the 1970s with today’s circumstances. The current situation has disrupted multiple commodity markets, primarily crude oil, natural gas, and coal. The scale of the impacts have affected economies around the world.
The main objective is to end countries’ reliance on Russian fossil fuels. A number of speakers counselled that the response should use a variety means. For example, the European Commission is preparing plans to reduce energy demand, accelerate the replacement of fossil fuels with greener forms of energy, and diversify sources of the fossil fuels that will continue to satisfy a portion of demand. At the same time the Commission cautioned that greater reliance on electric energy will bring with it demand for other resources. It is important to not replace reliance on unreliable fossil fuel suppliers with reliance on the same suppliers for new critical materials.
SOURCE: Natural Gas Intelligence – Heavy Hitters Weigh Responses to ‘First’ Global Energy Crisis