We can define the term “energy crisis” as a temporary mismatch between energy supply and demand that is settled, with sharp increases in the prices of different energies. We are currently experiencing a global energy crisis that is influencing the transition to clean energy and the goal of reaching net zero emissions by 2050.

THE ENERGY CRISIS AS AN ENGINE TO PROMOTE CLEANER ENERGY

Although the current energy crisis has certain parallels with the oil crisis of the seventies, although there are also important differences.

Currently, the crisis affects all fossil fuels, while the sudden price variations observed in the seventies mainly affected oil. Since today the world economy has more interconnections than 50 years ago, we can say that this is the first truly global energy crisis.

According to the latest edition  of the International Energy Agency’s (IEA) World Energy Outlook, the global energy crisis triggered by Russia’s invasion of Ukraine is bringing about profound and lasting changes that have the potential to accelerate the transition to a more sustainable and secure energy system. In fact, ifsolar energy, wind, electric vehicles and batteries continue to grow, they would lead to a much faster transformation than projected in the Established Policy Scenario.

The IEA’s annual report on renewable energy indicates that in the next five years the growth of global renewable capacity should almost double, surpassing coal as the main source of electricity production. By 2027, global renewable energy capacity is expected  to increase by 2,400 gigawatts (GW), matching China’s total power capacity, and exceeding a year-ago growth forecast by 30%.

Within renewable energies, those that play a more important role are wind and solaralthough we can not leave aside green hydrogen, which is becoming a great bet since it does not emit carbon dioxide and hardly generates an impact on the environment.

Learn more about Green Hydrogen, the fuel of the future.