Abstract
As the chapters of this book have shown, the existence of a multipolar world fundamentally changes British energy security risks and threats, including the geopolitical context that Britain exists within. During the 1990s hydrocarbon fuels were relatively cheap and plentiful and it was assumed that the investments of the international energy companies, together with a functioning global market, would deliver secure and affordable supplies of energy. However, there is now growing concern about the ability of energy producers to match rapidly increasing demand in emerging economies. New resource finds are altering relationships between countries. The increasing economic expectations of the populace of energy-exporting states and the geopolitical actions of some of the major oil and gas reserve holding states has raised concerns about both the affordability and security of current and future energy supplies. In addition, the demands of climate change policy in the guise of the low carbon energy transition add an additional layer of complexity given that the energy system is the single largest source of greenhouse gas emissions.
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Notes
It should be noted that there is no single ESMW view of energy security, since cluster members were not required to sign up to a particular ESMW viewpoint. However, during the cluster’s lifetime, there has been some consensus about the UK’s approach to energy security. In this concluding chapter, we have tried to reflect this consensus — but any opinions expressed are the responsibility of the authors alone.
There is a great deal of disagreement over the importance that should be attached to reserve to production ratios since they do not adequately capture the dynamic relationship between reserves, demand, production and prices. We accept this, but we consider that this indicator is important as a basis for discussion about the relationship between reserves and production, particularly their geographical dimensions.
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© 2013 Catherine Mitchell and Jim Watson
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Mitchell, C., Watson, J. (2013). New Challenges in Energy Security: The UK in a Multipolar World — Conclusions and Recommendations. In: Mitchell, C., Watson, J., Whiting, J. (eds) New Challenges in Energy Security. Energy, Climate and the Environment Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137298850_11
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DOI: https://doi.org/10.1057/9781137298850_11
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-45248-4
Online ISBN: 978-1-137-29885-0
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