KUALA LUMPUR (March 28): Global energy security "is under threat" at a time when the Russia-Ukraine conflict raises the spectre of a ban on Russian oil and gas, according to Siemens Energy AG chief executive officer Dr Christian Bruch.
“The first phase at the moment is to ensure energy security — which is under threat — so you will have short-term reliance on certain infrastructures such as floating-energy platforms and coal-fired power plants.
“But in the medium term, we will see further push for renewable energy systems. However, we have to be aware that Germany or Europe already had a relatively ambitious (renewable energy) plan before the Russia-Ukraine conflict,” Bruch said.
He was speaking on Monday (March 28) at the two-day virtual Asia Pacific Energy Week 2022 conference.
The event ends on Tuesday (March 29).
According to Bruch, the global transition towards renewable energy will not be possible if the fundamental underlying energy systems are not changed despite plans by governments around the world to accelerate the transition.
Bruch said that even if investments into the renewable energy transition are doubled now, the transition may not be accelerated without fundamental changes to the energy system.
The Russia-Ukraine conflict has been closely watched after Russia attacked Ukraine on Feb 24, 2022.
It was reported that Russian Deputy Prime Minister Alexander Novak said on March 7, 2022 (Monday) in an address on state television: “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market.”