Recent Events in Russia Causing Re-Evaluation in Fossil Fuel Dependence
By Daniel Dow | Editor in Chief
With the recent outbreak of war between Russia and Ukraine, the stability of the global market has come under question, and no commodity has been affected more than the price and supply of natural gas and oil. With the price of oil currently at a record high, and demand growing for countries to separate themselves from Russia’s fossil fuels, now seems the opportune moment to shift from fossil fuels and to reinvest in renewable energy.
The hostility of Russia has rallied nations to end their dependence on imports of the country’s oil and natural gas. The United States has immediately cut its imports, and Britain and Poland have announced a plan to cut Russian natural gas imports by the end of 2022.
With commitments pouring in to move away from Russian energy, it must be noted that according to the International Energy Agency, Russia is the world’s third-largest oil producer and accounts for about 40% of the European Union’s natural gas imports. Furthermore, according to the United States Energy Information Administration, Russia supplies around 10.1 million barrels of oil per day to the global market and exports 8.9 trillion cubic feet of natural gas.
European reliance on Russian fossil fuels can not be understated, after all, Germany’s investment in Nord Stream 2, a Russian-german natural gas pipeline running 1,234-kilometer and costing 11 billion dollars was supposed to secure Europe with Russian natural gas for the next fifty years. But upon completion, the Russian invasion of Ukraine commenced, and so did the German’s commitment to this pipeline.
The United States and Germany have attempted alternative means to find new supplies of natural gas and oil.
Recently, the United States’ sent delegations to Venezuela, which has been under sanctions by the US since 2019. This action occurred because the country’s president, Nicolás Maduro, used the military to crush his opposition in protest of the country’s 2019 election results. Maduro claimed an illegitimate election, decried his opponent, and seized the presidency. At a time of Democracy under threat, it does not seem warranted to support a “president” who promotes autocracy.
Germany has made its own efforts to stabilize its country’s demand for natural gas. The country’s Economy Minister, Robert Habeck, has since met with Qatar’s Emir Sheikh Tamim bin Hamad al-Thani. This meeting has proven fruitful, as a deal has been struck between the two countries. Germany’s Economy Minister recently stated to Reuters “Although we might still need Russian gas this year, in the future it won’t be so anymore. And this is only the start”
Although this is a win for Germany to distance itself from Russia, the question remains if the supply of natural gas from Qatar is truly a reliable one. After all, in July of 2010 Qatar saw an all-time heatwave of 122.7 degrees, and Zeke Hausfather, a climate data scientist from Berkeley Earth, stated to The New York Times “Qatar is one of the fastest-warming areas of the world, at least outside of the Arctic.”
This speaks to the existential threat of continued investment in fossil fuels, and perhaps we can look to some of the countries producing the most fossil fuels for guidance.
In September of 2021, Qatar launched a climate change action plan to reduce greenhouse gasses by 25% by the end of 2030. Saudi Arabia, the number one supplier of oil exports and second-largest global supplier of natural gas has made similar efforts. Last year the country announced a plan to hit net-zero emission by 2060.
Although Qatar may be a quick fix for Germany to distance itself from Russia, it does not create long-term stability. Germany and nations who rely on Russia’s fossil fuel industry must weigh the cost of bad investments, and the instability they create. Over the past three years, if there is anything the world has come to learn from a worldwide pandemic, the increasing threat of natural disasters, and the threat of World War III, is that the world is not short of global destabilization. Actions that can be made to create a more secure future need to be made now and investing in renewable energy that allows countries to be energy independent when an opportune time has presented itself is a good place to start.
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