Interpretation of Energy Security in Long-Term Development -Nazmunnaher Nipa & Touhidur Rahman Tuhin
Energy has been a crucial component of both economic and human development. Increasing human welfare and living standards requires the provision of adequate and affordable energy. Since energy is a necessary input in the majority of production processes, it should be regarded as a crucial factor in economic development.
Importance of energy efficiency for sustainable development:
One of the pivotal indicators of a country’s development and position as a leader in a conflict is its energy resources. As a result, the country’s need to use energy efficiency becomes more pressing. By using comparison, energy efficiency is defined as the effectiveness of scaling the relationship between energy inputs and outputs.
Sustainable development, according to the definition of the UN World Commission on Environment and Development in 1987, has been stated as meeting the needs of today’s society not jeopardizing the needs of future generations. A broad term used to describe national development that takes into account economic, social, and environmental factors is “sustainable development.” Utilizing efficient energy has benefits for the economy, society, and environment. Therefore, ensuring sustainable development depends greatly energy efficiency.
Increasing energy security is crucial from several policy angles. Saving energy produced by fossil fuels is the main goal for nations to achieve to delay the imminent depletion of fossil fuels. The energy security of the nations will also increase as energy efficiency is improved. In particular, energy consumption reduction is essential to stop the environment from getting worse. Another objective of ensuring energy efficiency is to reduce costs. When energy prices are high, it’s crucial to reduce energy use and simultaneously substitute other inputs for energy to be cost-effective.
For the nations to ensure their sustainable development, energy is essential. The following are a few policy measures to encourage sustainable development.
l Lowering methane emissions during oil and gas production,
l Reducing the use of inefficient coal-fired power plants and prohibiting their construction,
l Increasing energy efficiency in the industry, construction, and transportation sectors,
l Promotion of energy efficiency,
l Increasing connections and cooperation between nations etc.
Energy connectivity and sustainability:
Since energy access is a development issue, a sector-wide strategy is required. This strategy depends on several enabling factors, including business financing, technology ownership and availability, productive activities, and potential development opportunities.
Increasing economic integration and cooperation may benefit nations and be essential to achieving developmental objectives. Energy connectivity can help countries increase the sustainability of the energy sector while also helping to meet rising energy demand. By improving the efficiency of energy delivery and the sustainability of power generation, energy connectivity can help reduce the percentage of the population without access to energy services and the region’s carbon footprint. By incorporating the largest, more efficient generation technologies in addition to variable renewable energy, the sustainability of power generation within the region could be greatly increased through trading and exchange of electricity.
In recent weeks, Bangladesh has taken steps to reduce the strain on its shrinking foreign exchange reserves. Day by day load shedding is rising in both village and city with industrial site due to shortage of power supply. Power shortages have put Bangladesh’s recent, spectacular economic progress in jeopardy. Bangladesh faced a seven hour’s blackout in several regions of the country on October 04, 2022. In addition, Grid failures typically occur when there is a significant imbalance between supply and demand or unexpected changes in energy use patterns.
Combining material and energy efficiency can lower the manufacturing process’s specific energy consumption. Direct application of renewable energy in industry is a more radical substitute. The first energy-related perceived threat to manufacturers is an increase in energy prices. A report by TBS, Due to frequent load shedding, manufacturers of textiles, ceramics, cement, steel, fertilizer, and electronics have seen their output decline by 25–50% while also experiencing an increase in production costs of 50–60%. Electricity production has decreased and load shedding has increased nationwide as a result of the energy crisis.
If current policies are followed, the International Energy Agency (IEA) predicts that the global energy demand will rise by more than 50% by 2030, with more than 60% of that increase coming from developing and emerging nations. This would result in a 52% increase in carbon dioxide (CO2) emissions, the primary greenhouse gas. To meet the projected demand, an estimated USD 17 trillion in investments will be required. The financial system has this funding capacity, but it is difficult to match capital with the demands of truly sustainable development.
Energy use, distribution, and production put pressure on the environment on a local, national, and international scale as well as in the home, workplace, and city. The environmental effects can be influenced by the methods used in energy production and consumption, the fuel mix, the organization of the energy systems, and associated energy regulatory policies and pricing schemes. Fossil fuel combustion produces air pollution in the form of gaseous emissions. Nuclear and coal fuel cycles both produce waste and release some radiation. Wind farms can ruin the beautiful countryside. And cutting down trees for firewood can cause deforestation and desertification.
However, monitoring eco-friendly energy efficiency policies is crucial for the growth and advancement of nations’ economies. Energy policies should be created on sustainable economic development and energy efficiency. Countries can achieve a high level of energy efficiency if they expand their economic activities while enhancing their environmental performance. The energy efficiency of nations will rise as long as economic growth and energy consumption are balanced.
The writers are studying M.Sc. at Department of Environmental Science in Bangladesh Agricultural University. Email: firstname.lastname@example.org