The International Energy Agency has been warning for many months that the world is experiencing the first truly global energy crisis in history and the coming months will be particularly challenging.
natural gas crisis
The natural gas crisis in Europe has been building for a while, and Russia’s role in it has been clear from the beginning. In September 2021, five months before Russia’s invasion of Ukraine, the IEA pointed out that Russia was preventing a significant amount of gas from reaching Europe.
The Agency raised the alarm further in January, with Executive Director Fatih Birol highlighting that Russia’s large and unjustified reductions in supplies to Europe were creating “artificial tightness” in markets and driving up prices at exactly the same time as tensions were rising over Ukraine.
Policy advice and support
Following Russia’s attack on Ukraine in February, the IEA has responded rapidly with vital analysis, policy advice, and support for governments, including the 10-Point Plan to Reduce the European Union’s Reliance on Russian Natural Gas that was published just a week after the invasion.
Dr. Birol has provided the latest IEA insights and recommendations to international leaders, including at the G7 Summit in Elmau, Germany, in June and a meeting of the European Commission in July. As Europe’s gas crisis intensified during the summer months, the IEA on 18 July highlighted five immediate coordinated actions the European Union can take to prevent a major gas crunch this winter.