Page 7 - AsiaElec Week 12 2022

AsiaElec POLICY AsiaElec

IEA warns against

“weaponising”

fossil fuels

INDIA THE International Energy Agency (IEA) has chance of meeting the goals of the Paris Agree-
warned that weaponising fossil fuels threatens ment and of reaching net zero by 2050.
the stability of the global energy system, and that The body, which represents the world’s largest
pushing forward to energy transition is the best energy consumers, said that the world needed to
way to achieve energy security. move towards practical, concrete clean energy
The IEA said at its annual ministerial meeting transitions in order to drive economic growth
that energy security, reducing market volatility worldwide.
and accelerating clean energy transitions were The energy transition is also crucial for
the key to meeting rising demand for energy increasing access to affordable energy and alle-
while meeting climate change goals and contain- viating energy poverty, members of the IEA said
ing global warming. The body also said that the decisions of the
Russia’s invasion of Ukraine has caused price COP26 Conference in Glasgow would play
and supply shocks to the global energy system, a crucial role in meeting climate goals, while
and US Secretary of Energy Jennifer Gran- acknowledging that stabilisation at 1.5 degrees
holm praised the actions of IEA members and Celsius is difficult but still within reach.
the European Commission so far to support However, the body also stressed the impor-
Ukraine, stabilise the global energy market, tance of maintaining global energy security,
and ultimately end our reliance on nations that committing itself to working together to prevent
“weaponise fossil energy.” energy and resource supply disruptions and
“The urgent need to accelerate the equitable ensure diversification of energy sources.
transition to clean energy remains a top prior- Energy security has risen up the agenda in
ity, and must be accelerated. We are committed recent weeks after the current price shocks for
to a clean energy future that will create millions oil and gas and the threatened disruption in oil
of good-paying jobs, mitigate the destructive and gas supplies caused by Russia’s invasion of
impacts climate change and ensure a peaceful Ukraine.
energy future,” she added. The IEA said that “ensuring energy security
“The IEA is ready to support the twin goals of and addressing climate change in the energy sec-
energy security and the clean energy transition,” tor and related sectors go hand in hand.”
said IEA Executive Director Fatih Birol. Lithuania joined the IEA as its 31st member,
The IEA stressed that an urgent transforma- while Chile, Colombia and Israel showed interest
tion of the energy sector is needed to stand any in joining.it™

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