UN calls for changes to energy policies for sustainable dev’t

UN calls for changes to energy policies for sustainable dev’t

The Global Crisis Response Group on Food, Energy, and Finance of the United Nations has called for the creation of energy policies that balance the need for immediate action with long-term sustainable development.

This recommendation comes after the historic Black Sea Grain Initiative, which was reached on July 22 under the auspices of the UN by Russia, Turkey, and Ukraine. It paved the way for the first grain shipment from Ukraine to leave the port of Odesa on August 1.

The group contends that rising energy prices are hastening the cost of living crisis by fueling the vicious cycle of tight household budgets, food insecurity, and energy poverty as well as intensifying social unrest.

The third brief from the GCRG calls on policymakers to discover the most effective ways to finance energy solutions, including through windfall taxes on the largest oil and gas firms, as well as through publicly sponsored cash transfers and rebate systems, to protect all vulnerable communities.

It also emphasised the growing concern that rising energy prices could force many developing countries, particularly those with the most vulnerable populations, out of the energy market.

According to the brief, these countries have already been disproportionately affected by the cost-of-living crisis as a result of significant setbacks in energy access and advancements in sustainable development since the COVID-19 pandemic.

Significantly, the brief warned of a potential “fuel scramble,” in which only countries paying the highest prices could access energy. Further, governments must have the financial flexibility to support their most vulnerable populations in order to prevent energy poverty from worsening or completely disappearing.

The report also acknowledged the risk that short-term energy policies will lead to a costly and high-emission energy future for developing countries due to a lack of policies that strike a balance between urgency and sustainability.

The brief also advocates the use of renewable energy sources. RE is frequently the least expensive and fastest to deploy source of electricity for many nations, according to the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), who coordinates and leads on the development of the GCRG briefings. But only if countries ensure that supply chains are well-functioning and free of bottlenecks.

According to her, the workforce possesses the necessary skills, and sufficient funds will be made available for the initial investments.

Source: Energy Ghana

ENERGY GHANA MAGAZINE

Subscribe

Connect with on Facebook