The increasing proportion of renewable energy in the world’s overall energy supply indicates the growing popularity of renewable energy globally. From 2010 to 2021, this percentage rose from 3.2% to 5.2%, while modern bioenergy increased from 5.7% to 6.7%.
Russia’s invasion of Ukraine has profoundly affected nearly every aspect of the global economy, from food and energy security to supply chains and financial markets. The World Bank (June 2022) estimates that the 2021 5.5% rebound global growth is therefore expected to drop to 2.9% y/y in 2022.
During the Russia-Ukraine the EU has become a clear example of how substantial reliance on a single country to satisfy energy needs can threaten nations’ economic development, and how challenging the task of achieving energy security is while substantially depending on a single country in key energy products.
During such challenging times, as the Russia-Ukraine conflict escalates daily and threatens the lives of thousands, as well as the wellbeing of everyone around the world, having experienced the horror of war, we Georgians especially feel the pain of the Ukrainians.
In previous articles we have discussed the visible deterioration of Georgia’s energy security, where energy demand keeps increasing and the share of domestic energy sources in overall primary supply (the gross amount consumed by the country over one year) is declining. Reversing this trend requires the country to accelerate the pace that it develops domestic – and mostly renewable – energy generation capacity; ideally in combination with greater efforts to improve energy efficiency.