Why Is There An Energy Crisis?
The energy crisis is a concern that the world’s increasing demand for natural resources is affecting the supply of these resources. Although these natural resources can be produced naturally, it can take several hundred years to refill them.
The world is facing a critical energy supply issue. The global population has been collectively contributing to the rise of global warming. Apart from contributing to this environmental issue, burning fossil fuels also contributes to the accumulation of greenhouse gases. Because of this, the energy systems of the world are highly concentrated.
Europe Energy Crisis
Rising energy prices have been a major factor affecting the lives of many people worldwide. They have also threatened the efforts to address climate change, which is a critical global challenge.
In 2022, the situation in Europe became worse due to the disruption of natural gas supplies from Russia. Due to the Ukraine-Russia conflict, natural gas prices in the region soared by 30%. This energy crunch has affected not only the European population but also small business owners, farmers, and big corporations (energy companies) who require a lot of energy to get up and running. Payment of electricity bills has been a burden for most households in Europe.
In response to the energy crisis, many countries have started implementing voluntary measures to reduce their power consumption. The European Union is also considering implementing measures such as caps on the prices of electricity and mandatory limits on power usage.