31 OCT,2022 | MEDC
The world is now in the midst of its first truly global energy crisis, which is likely to affect industry and society in unpredictable ways. It is especially risky as several countries are on the brink of recession, limiting the number of policy options available to them. Muchnow depends on how the Russia-Ukraine crisis pans out. The global economy needs to soon replace oil and gas with other fuels, primarily renewable energies. Fossil fuels should also be phased out. In solving the energy crisis, we can also simultaneously solve the climate crisis by executing the right strategy options globally. Of course, that is easier said than done because different countries have different policy priorities. As far as Europe is concerned, unless it has an exceptionally long and cold winter, it should go through the coming months with relatively minor socioeconomic discontent.
*Picture Credit: Google