New Challenges in Energy Security: The UK in a Multipolar World — Conclusions and Recommendations

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.