Among the wide-ranging impacts of climate change is an increased risk to energy security, or the availability of affordable and reliable energy sources.
Research by Dr Bernard Njindan Iyke, published in Energy Economics, has found that clean energy investment is not only good for the environment, but also makes an important contribution to reducing energy security risk.
“A move away from traditional sources of energy, such as fossil fuel and biomass, to green energy sources would significantly reduce energy security risk by minimising GHG emissions and slowing down climate change,” explains Dr Iyke.
But the impact of clean energy on energy security is not the same across the globe.
“Its impact is more pronounced in countries with slower population growth, the capacity to invest in energy infrastructure and lower corruption practices.”
Dr Iyke argues that, when it comes to clean energy, there is a need for countries to set clear targets and long-term strategic plans.
“Policymakers should implement financial incentives – such as tax breaks, subsidies and grants – to attract investors to clean energy projects, and regulatory frameworks to ensure speedy, transparent, accessible and fair approval and permitting processes,” he says.
“Countries should also target public-private partnerships to enhance risk-sharing, capacity, research and development, and pooling of funds to invest in clean energy projects.”
“Ultimately, we need to move away from using fossil fuels like coal and oil to ensure we have a stable and secure energy future.”
