What is it?
the need to find balance between energy security, affordability, and sustainability and its impact on everyday lives.
Who coined it?
The World Energy Council in 2010. The Index is prepared annually.
What are the Three Elements?
- Energy Security measures a nation’s capacity to meet current and future energy demand reliably with minimal disruption to supplies from any disruption.
- Energy Equity assesses a country’s ability to provide universal access to reliable, affordable, and abundant energy for domestic and commercial use.
- Environmental Sustainability of energy systems represents the transition of a country’s energy system towards mitigating and avoiding potential environmental harm and climate change impacts.
Why the focus?
It’s a balance between short-term pain (definitely) and long-term gain (hopefully). How countries can aim for Net Zero Ambitions while keeping the current energy security in mind. The situation has been exacerbated by the combined impact of the Covid19 pandemic and subsequent lockdowns followed by the Russian invasion of Ukraine. The consequent global supply chain disruptions, increased living costs and global recession fears have just added to the uncertainty.
Countries are looking at securing their own energy resources at the cheapest price. Hence Russian oil is still available at a discount for the willing buyers, coal production has been increased, plans to phase out nuclear power plants have been shelved, there is increased capital expenditure on hydrocarbons as well as renewables! Regulations are being modified to increase the scope of what counts as “clean energy”.
All this to resolve the energy trilemma. It’s not an easy task and there is no one-size-fits-all solution either. After all, each country has their own varied requirements and available resources. And they will have to take their own measures to attain Net Zero!
Links:
- Online tool to track energy trilemma index for each country: World Energy
- Gas & Nuclear are Green Energy: CNBC
Previously on Learn N Blog: Lithium Reserves Estimation
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