Geopolitical tensions from the invasion of Ukraine and the subsequent rise in oil, coal, and gas prices have made energy security a top priority for both United States and European Union policymakers. In the EU alone, oil, coal, and gas prices increased by about 40 percent, 130 percent and 180 percent, respectively, in the first two weeks following the invasion. In the U.S., energy commodity prices increased 68 percent from January 2022 to June 2022, and ended the year 10 percent higher than the beginning of 2022. The International Energy Agency defines energy security as “the uninterrupted availability of energy sources at an affordable price,” and with such notable shifts in costs across both regions, access and affordability are a sustained focal point for policymakers. However, though both policymakers in the U.S. and the EU are prioritizing energy security, there are divergences in how they plan to reach that goal, and how they believe sustainability should be incorporated in the process.
To find out more about these priorities and plans, click below!
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