Discontent over high energy prices, spiralling living costs, and anti war sentiments have gripped Europe, resulting in protests and civil unrest across the continent. With no immediate solution in sight, public resentment is likely to intensify through the coming winter months
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The global energy market has been disrupted since the Ukraine-Russia conflict. Energy security is now a core concern for most countries and offers the chance to fix the structural problems in the energy generation sector. The interaction between energy security and environmental policies must be reassessed so policies can be consistent for the long term. Gateway House’s Saeeduddin Faridi speaks to Robin Mills, energy expert and CEO of Qamar Energy, about the state of energy markets.
Sanctions against Russian energy, high cost fuel, heat waves and droughts all at once have raised the price of daily energy use to unprecedented levels and plunged large parts of the world into darkness.
The Ukraine crisis has sent the EU scrambling for new gas supplies, generating fresh interest in gas pipelines from Central Asia and West Asia via Turkey. Practical difficulties make most of these new projects unviable.
The strength and trust in the India-FRANCE bilateral was evident during the May 4th visit of Prime Minister Modi to Paris. Beyond the difficult discussions on multilateral issues, the partnership has been deepened in several key areas of cooperation, from defence to education, climate, energy, digitalisation and technical collaboration. Energy and digitalisation are two particularly bright spots for future collaboration.
India and France have long been reliable partners, and friends in need. The fifth meeting between the leaders of the two countries highlights the focus on strengthening cooperation in 21st century issues. The India-France Track 1.5 Dialogue, hosted by Gateway House, Mumbai and Ifri, Paris, explored the potential of cooperation in digitalisation and energy transition
On 16 March 2022, Foreign Secretary, Harsh Vardhan Shringla, delivered the keynote address at the first roundtable of the India-France Track 1.5 Dialogue, co-hosted by Gateway House and Ifri. He traced the achievements of the bilateral, particularly in the areas of digital cooperation and energy transitions. He highlighted the "infinite possibilities" for the India-France partnership given their unique positions in the Indo-Pacific.
India and France have been actively working together to solve various sustainability issues from renewable energy generation to the blue economy and biodiversity conservation. There is so much more to do bilaterally with climate finance and urban sustainability, and multilaterally with the G20. All the ingredients are in place for a robust climate partnership.
Renewable energy is trendy, but still unreliable at this early stage. Countries will find it necessary to fall back on traditional energy sources like coal and oil for their needs, and this can lead to energy price spikes. To protect itself from this scenario, now is the time for energy-dependent India to set up a wealth fund that invests in listed oil companies around the world, to reduce the risk of energy insecurity.
Since August 2021, Western Europe has faced a problem with renewable energy, causing it to turn to natural gas as an emergency alternative. This has led to a significant increase in gas prices and has serious implications for fertiliser and food prices. If this trend continues, it will be likely to cause food insecurity especially in poorer nations which do not have the monetary cushion of the West.