{"id":22072,"date":"2021-10-25T17:39:21","date_gmt":"2021-10-25T08:39:21","guid":{"rendered":"https:\/\/news.samsungcnt.com\/en\/?p=22072"},"modified":"2023-02-16T17:35:12","modified_gmt":"2023-02-16T08:35:12","slug":"global-energy-crisis-get-next","status":"publish","type":"post","link":"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/","title":{"rendered":"Global energy crisis: How did we get here and what next?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"22072\" class=\"elementor elementor-22072\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a10ccb5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a10ccb5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5969bac\" data-id=\"5969bac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a7a2c8 elementor-widget elementor-widget-image\" data-id=\"5a7a2c8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"940\" height=\"240\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/global-energy-crisis-at-a-glance.jpeg\" class=\"attachment-full size-full wp-image-29063\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/global-energy-crisis-at-a-glance.jpeg 940w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/global-energy-crisis-at-a-glance-300x77.jpeg 300w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab4adf6 elementor-widget elementor-widget-text-editor\" data-id=\"ab4adf6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>An energy crisis has now spread across the world, threatening the basic electricity systems of even the wealthiest nations.<\/p><p>One of the most obvious\u00a0<a href=\"https:\/\/edition.cnn.com\/2021\/10\/07\/business\/global-energy-crisis\/index.html\">indicators of the crisis is natural gas<\/a>, which has been trading up more than 130 percent in Europe since the beginning of September and over eight times higher than the same period last year. The cost of this vital commodity has also increased 85 percent in East Asia. Even in the U.S., which has an abundance of natural gas, the price has hit a 13-year high.<\/p><p>The outcome has been rising electricity bills, as well as genuine concerns of electricity shortages and blackouts from the\u00a0<a href=\"https:\/\/www.theguardian.com\/environment\/2021\/oct\/07\/risk-of-uk-power-cuts-this-winter-has-increased-says-national-grid\">UK<\/a>\u00a0to the\u00a0<a href=\"https:\/\/www.straitstimes.com\/world\/united-states\/energy-crisis-may-trigger-us-blackouts-xcoal-ceo\">U.S.<\/a>\u00a0\u2013\u00a0<a href=\"https:\/\/edition.cnn.com\/2021\/09\/28\/economy\/china-power-shortage-gdp-supply-chain-intl-hnk\/index.html\">rolling blackouts in China<\/a>\u00a0are already underway, affecting global firms like\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/many-apple-tesla-suppliers-halt-production-china-amid-power-pinch-2021-09-27\/\">Apple and Tesla due to the suspension of production<\/a>. And there are\u00a0<a href=\"https:\/\/www.standard.co.uk\/news\/uk\/ofgem-energy-bills-bbc-b959216.html\">real concerns<\/a>\u00a0that the impact could worsen for consumers in 2022.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c457f7 elementor-widget elementor-widget-heading\" data-id=\"9c457f7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Why did the energy crisis occur?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af24f5b elementor-widget elementor-widget-text-editor\" data-id=\"af24f5b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>For anyone connected to or interested in global trade and the supply of essential commodities, it is natural to ask how we reached this crisis. The answer to global problems is rarely completely straightforward, but we can pinpoint some of the major factors.<\/p><p>We may start with Europe\u2019s unusually long winter that stretched into spring earlier this year, causing the depletion of natural gas stocks. Then, as a\u00a0<a href=\"https:\/\/edition.cnn.com\/2021\/10\/07\/business\/global-energy-crisis\/index.html\">surge in energy demand<\/a>\u00a0has accompanied the global economic recovery from COVID-19, natural gas supply has been unable to recover \u2013 in addition, Russian gas exports have fallen. Moreover, with North Sea wind falling to its slowest speed in 20 years, wind power has also been reduced \u2013 bear in mind that wind power accounts for 24 percent of electricity production in the UK.<\/p><p>The knock-on effect has seen nations seek fast solutions, compromising their carbon reduction goals by\u00a0 turning to coal \u2013 with U.S. utilities set to burn around\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-07\/energy-crisis-may-trigger-u-s-winter-blackouts-xcoal-ceo-says\">23 percent more coal this year<\/a>, for example. But there have been significant coal supply issues too, from bad weather disrupting the trade of Indonesian coal to political obstacles standing in the way of the movement of Australian coal. In fact, the\u00a0<a href=\"https:\/\/fortune.com\/2021\/10\/06\/energy-crisis-coal-price-china-india-shortage-crisis\/\">price of coal<\/a>\u00a0has reached an all-time high in Northwest Europe and its highest level in Asia since 2008 \u2013 the coal shortage has become so serious that it has left India\u00a0<a href=\"https:\/\/www.bbc.com\/news\/business-58824804\">on the brink of an unprecedented power crisis<\/a>.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-94158f2 elementor-widget elementor-widget-heading\" data-id=\"94158f2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Seeking a more sustainable future<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d71924b elementor-widget elementor-widget-text-editor\" data-id=\"d71924b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In addition to raising natural concerns about energy supply this winter, the crisis has clearly exposed how the world is not yet free from a reliance on fossil fuels.<\/p><p>That will no doubt be a major topic of discussion when world leaders from nearly 200 countries gather for the COP26 international climate summit in Scotland later this month. Leaders will be very keen to avoid undoing the progress made in recent years after\u00a0<a href=\"https:\/\/www.washingtonpost.com\/world\/2021\/10\/08\/global-energy-crisis-cop26\/\">renewables overtook fossil fuels<\/a>\u00a0in terms of the European Union\u2019s electricity supply in 2020.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5394850 elementor-widget elementor-widget-image\" data-id=\"5394850\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/news.samsungcnt.com\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7809-1.jpg\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"Percent progress of the Energy transformation\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6MjkwNjIsInVybCI6Imh0dHBzOlwvXC9uZXdzLnNhbXN1bmdjbnQuY29tXC91cGxvYWRcLzIuMFwvd3AtY29udGVudFwvdXBsb2Fkc1wvc2l0ZXNcLzNcLzIwMjFcLzEwXC9PQ1QtTk8yLUluZm9ncmFwaGljXHVjNWQwXHViMTA4XHVjOWMwXHViMzAwXHViNzgwOS0xLmpwZyJ9\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"940\" height=\"1515\" src=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7809-1.jpg\" class=\"attachment-full size-full wp-image-29062\" alt=\"\" srcset=\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7809-1.jpg 940w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7809-1-186x300.jpg 186w, https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7809-1-635x1024.jpg 635w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-156057d elementor-widget elementor-widget-text-editor\" data-id=\"156057d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The energy crisis has highlighted the need to increase the supply of renewable energy. It may be that this difficult period is a particularly \u201cbumpy patch\u201d in the transition away from fossil fuels,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-06\/turbulent-gas-prices-show-need-for-clean-energy-blinken-says\">according to U.S. Secretary of State Antony Blinken<\/a>.<\/p><p>Samsung C&amp;T Trading &amp; Investment Group has been taking serious action in recent years to support the supply of renewable and cleaner energy. The company\u2019s efforts include fostering\u00a0<a href=\"https:\/\/news.samsungcnt.com\/en\/renewing-world-sustainable-energy\/\">diverse sources of renewable energy<\/a>\u00a0around the world such as solar power generation and bioenergy, promoting\u00a0<a href=\"https:\/\/news.samsungcnt.com\/en\/hydrogen-clean-energy-solution\/\">hydrogen as a clean energy solution<\/a>, actively participating in the trade of\u00a0<a href=\"https:\/\/news.samsungcnt.com\/en\/building-cleaner-energy\">liquified natural gas<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>An energy crisis has now spread across the world, threatening the basic electricity systems of even the wealthiest nations. One of the most obvious\u00a0indicators of the crisis is natural gas, which has been trading up more than 130 percent in Europe since the beginning of September and over eight times higher than the same period [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29434,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-22072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-investment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global energy crisis: How did we get here and what next? - Samsung C&amp;T Newsroom<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global energy crisis: How did we get here and what next? - Samsung C&amp;T Newsroom\" \/>\n<meta property=\"og:description\" content=\"An energy crisis has now spread across the world, threatening the basic electricity systems of even the wealthiest nations. One of the most obvious\u00a0indicators of the crisis is natural gas, which has been trading up more than 130 percent in Europe since the beginning of September and over eight times higher than the same period [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/\" \/>\n<meta property=\"og:site_name\" content=\"Samsung C&amp;T Newsroom\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-25T08:39:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-16T08:35:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.samsungcnt.com\/en\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7804.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"846\" \/>\n\t<meta property=\"og:image:height\" content=\"604\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samsung C&amp;T Global PR Manager\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samsung C&amp;T Global PR Manager\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/\"},\"author\":{\"name\":\"Samsung C&amp;T Global PR Manager\",\"@id\":\"https:\/\/news.samsungcnt.com\/en\/#\/schema\/person\/7c21bf3897113ac1b49ed07b1d871d08\"},\"headline\":\"Global energy crisis: How did we get here and what next?\",\"datePublished\":\"2021-10-25T08:39:21+00:00\",\"dateModified\":\"2023-02-16T08:35:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/\"},\"wordCount\":592,\"publisher\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.samsungcnt.com\/upload\/2.0\/wp-content\/uploads\/sites\/3\/2021\/10\/OCT-NO2-Infographic\uc5d0\ub108\uc9c0\ub300\ub7804.jpg\",\"articleSection\":[\"Trading &amp; Investment\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/\",\"url\":\"https:\/\/news.samsungcnt.com\/en\/features\/trading-investment\/2021-10-global-energy-crisis-get-next\/\",\"name\":\"Global energy crisis: How did we get here and what next? 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