Energy inter-dependence outpaces geopolitical issues: UAE diplomats on Europe’s crisis
Academy organised the discussion in cooperation with the Embassy of Belgium on January 10
Dubai: Europe’s ongoing energy crisis could impact global alliances, resulting in food insecurity, and have inflationary consequences with the possibility of a mild recession in the region. And all of these developments can lead to potential implications for the Arabian Gulf countries and the future of the international energy market, top diplomats said at a panel discussion organised at the Anwar Gargash Diplomatic Academy (AGDA).
The Academy, UAE’s leading diplomatic centre that trains and prepares current and future diplomats, organised the discussion in cooperation with the Embassy of Belgium on Tuesday, January 10.
The session covered the European governments’ options for tackling the current high energy prices and the roles that the UAE and other Middle East countries could play as Europe reduces its dependence on Russian energy supplies.
Antoine Delcourt, Ambassador of Belgium to the UAE, said, “COVID-19 was hard, and we are now facing another difficulty with the persistent energy crisis, soaring gas and electricity prices and linked inflation. It is difficult for households, SMEs, industry, and society. But, we will overcome this with a mix of short-term decisions and longer-term reforms.”
He added, “As Belgian Prime Minister De Croo said, we should use the opportunity that this crisis holds to jump forward with our energy transition towards green and resilient economies.”
Meanwhile, Dr Ebtesam Al-Ketbi, President of Emirates Policy Center, said, “Energy inter-dependence often outgrows geopolitics, considering the need for energy is critical for the proper functioning of modern society. A prolonged conflict such as the Russia-Ukraine war compels energy suppliers and consumers to constantly engage and find the best route forward during these testing times.”
He added, “As we struggle to respond to this conflict’s consequences, we must constantly engage, deliberate, and suggest the best step forward. However, it is equally important that we let the markets determine the best way to respond to such a crisis.”