‘Building Energy Security Through Accelerated Energy Transition’ focuses on the medium term actions that could improve energy security, strengthen stability of supply and limit the impact of future fossil fuel price shocks by 2030. The analysis finds that the response should be anchored around accelerated investment in renewable energy and economy wide electrification, together with improved energy efficiency. The paper also highlights tricky trade-offs and choices that have to be made. For example while imports of Liquified Natural Gas (LNG) from secure suppliers could also play a role, these must be combined with measures to reduce CO2 and methane leak emissions in gas production in order to be viable.
Actions which could seriously delay or imperil the energy transition are unnecessary and undesirable. These include any dilution of 2030 emission reduction targets or of commitments to phase out coal generation, or any large scale new oil and gas developments.