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Energy Independence With Global Cooperation- Challenges And Solution

This paper is submitted by mechanupam (ANUPAM BASU)

Energy plays an important role in the natural security of any given country as it is a fuel to power their economic engine. Whenever we talk about energy we think of non-renewable energy i.e. that energy which will eventually dwindle within a short span of time like the fossil fuels. Today, more than 80% of the global energy needs are met by fossil fuels. The word independence means not depending such as oil, gas and coal. But unfortunately they are restricted in reserves. Thus, when we amalgamate these two words we get “energy independence” which means access to cheap energy. But due to the uneven distribution of energy supplies among countries, the critical need for energy has called global cooperation in this context. We are living in a time where we have huge dependence on fossil fuels but the irony is that it is depleting at a fast rate. Hence, the time has arrived when innovation and support for the development of new technologies is absolutely critical.
As a matter of fact there are over 1.6 billion people around the world who do not have access to electricity and if the population grows at this same rate the electricity demand will double worldwide over the next 25 years. Hence, meeting this demand will require a significant investment globally in infrastructure over this time frame. I believe the time has come when free and competitive market for trading of energy and investment in this context has become essential. Though, today we have identified a myriad of energy sources from fossil fuels to nuclear fusion, but our demand on energy globally has also changed due to improvement in life style, industrialization. Today, Energy has become the sine qua non of development and with countries like India and China progressing at an agile rate unlimited access to energy is required. As the whole world majorly depends on oil and gas to fulfill their energy demand but according to a forecast by IEA predicts...