Concerns have been raised about the energy crisis by the UN Secretary-General, Antonio Guterres, in a video released at the Austrian World Summit in Vienna. He has strongly negated the investments in the fossil fuel sector, especially coal, and said that “coal was a stupid investment—leading to billions in stranded assets.” Moreover, he directly pointed out that the major cause of this energy crisis is the Russia-Ukraine war, which has caused massive destruction not only on the environmental level but also on the economic level.
He said that Russia is the main supplier of both oil and gas and that now, due to the ongoing conflict, Russia has ceased its operations. This has led to an increase in fuel prices in recent months for the countries that are dependent on Russia. ” The energy crisis exacerbated by the war in Ukraine has seen a perilous doubling down on fossil fuels by the major economies. “The war has reinforced an abject lesson: our energy mix is broken.”
“Had we invested massively in renewable energy in the past, we would not be so dramatically at the mercy of the instability of fossil fuel markets now,” he stated on Tuesday. Based on this situation, the European Commission has formulated a plan to start building its energy resources and reduce its dependence on Russian fossil fuels. For this, they have decided to use coal as a renewable energy resource and have decided to use it for longer periods.
Coal, on the other hand, which serves as a good source of energy in terms of the economic scale, is also associated with its destructive effects on the environment. The U.S. Energy and Information Administration has laid out a domain of harmful emissions that are associated with coal. Carbon dioxide, sulfur dioxide, and nitrogen oxides all contribute to a detrimental effect on the environment.
Based on these facts, Guterres said, “New funding for fossil fuel exploration and production infrastructure is delusional.” It will only further exacerbate the scourge of war, pollution, and climate catastrophe. ” Similarly, a report received from the International Energy Agency says that the global emissions of carbon dioxide have risen by 6% in 2021, and that is an enormous amount if seen globally.
According to the former prime minister of Portugal, environmental sustainability can only be achieved if we reduce the use of fossil fuels, which are harmful to our environment, and encourage financial actors to invest in renewable energy sources for long-term growth.