By Shafeeq Alingal Staff Reporter The energy crisis caused by the ongoing Russia-Ukraine conflict has resulted in energy source diversification while accelerating energy transition, experts opined at the Global Security Forum (GSF) on Monday.
Addressing a session on ‘Fostering Energy Security Amid Shifting Geopolitical Dynamics’, Dr Damilola Olawuyi, professor and Unesco chair on Environmental Law and Sustainable Development, Hamad Bin Khalifa University's College of Law, noted that the Ukraine events showed diversification of energy sources with many European countries looking to Qatar and Nigeria for oil and gas.
The session reflected on the global energy situation and the implications of regional dynamics and implications of the ongoing war in Ukraine for Europe, the Middle East and other actors.
“The world can’t rely on one source any more.
Qatar was able to step in to address the crisis.
It resulted in energy transition,” he said, adding that the events underlined that without energy security there is no global security.
He said there should be focus on the climate change emergency just like the energy poverty emergency, and explained that these emergencies, if not addressed, are going to worsen the threat to global security.
While talking about the energy transition, Dr Olawuyi said there is a trend in the making where renewable energy superpowers are being formed.“Qatar is leading the new trend.
The country is investing over $1bn in a blue ammonia project and a number of innovative projects are in the making to promote renewable energy.
Countries in the region are taking the lead while concentrating efforts in energy transition,” he said.“Several institutions are engaged in research on renewable energy and energy transition, and Qatar will be a hub of research on renewable energy."
Dr Carolyn Kissane, assistant dean, New York University Centre for Global Affairs, said the energy crisis is not over, noting that the crisis is ongoing in Eastern Europe and there is a real concern looming over next winter.
Scott Modell, CEO of Rapidan Energy Group, said the world is witnessing protests due to oil price hikes that emerge due to wars.
Frank Fannon, former US assistant secretary of state for Energy Resources, noted that political unrest creates high energy prices.
He explained that the energy crisis is accelerating the energy transition, adding that there is a need for constructive and comprehensive engagement with producing countries in the Gulf.
Paul Wallace, Middle East Energy and Commodities, Bloomberg, moderated the session.
The session in progress.
