Abstract
It has long been recognised that energy supply disruption due to geopolitical issues, forces of nature or transient economic events have far-reaching adverse economic and social effects on energy importing countries and severe effects on producing and transit countries due to the loss of revenues. Several international organisations, including International Energy Agency (IEA), USA Global Energy Institute (GEI), World Economic Forum (WEF), Australian Government (RET) and researchers are engaged in identifying and quantifying the risks indicators, metrics, and indexes. Their objective is to formulate risk mitigation strategies, policies and actions, including increasing the reliance on renewable energy, energy diplomacy, diversification, development of local resources, improving agreements, and economisation on energy use. The energy triangle consisting of secure access to energy, economic growth and environmental degradation will increasingly derive much of the work on energy security. This chapter looks at the energy security risks, risk evaluation metrics, indexes, proposed mitigation strategies and policies, and discusses two of the indexes used to evaluate the energy security risks. In this chapter, the energy security risk is described in similar terms to those used in risk management standards and practices for other applications, not addressed clearly in the energy security literature.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Abdullah, F. B., Iqbal, R., Hyder, S. I., & Jawaid, M. (2020). Energy security indicators for Pakistan: An integrated approach. Renewable and Sustainable Energy Reviews, 133, 110122.
Australian Government, Department of Resources, Energy and Tourism (RET). (2011). National Energy Security Assessment of Australia. http://www.ret.gov.au
Bassim, M. (2015). Future expectations for energy in the Middle East and North Africa (MENA) region. European Centre for Energy & Resource Security, 47, 5–8.
Boersma, T., & Johnson, C. (2018). US energy diplomacy (Columbia University, SIPA Center on Global Energy Policy Working Paper). https://energypolicy.columbia.edu/sites/default/files/pictures/CGEPUSEnergyDiplomacy218.pdf
British Petroleum. (2020). British petroleum energy outlook 2020. BP Energy Economics.
Charles, V., & Gherman, T. (2013). Achieving competitive advantage through big data: Strategic implications. Middle-East Journal of Scientific Research, 16(8), 1069–1074.
Charles, V., & Gherman, T. (2018). Big data and ethnography: Together for the greater good. In A. Emrouznejad & V. Charles (Eds.), Big data for the greater good (pp. 19–34). Springer.
Charles, V., Emrouznejad, A., & Gherman, T. (2021, Accepted/In press). Strategy formulation and service operations in the big data age: The essentialness of technology, people, and ethics. In A. Emrouznejad & V. Charles (Eds.), Big data for service operations management (pp. 1–30). Springer’s International Series in Studies in Big Data. Springer-Verlag.
Charles, V., Gherman, T., & Emrouznejad, A. (2022, Accepted/In press - Nov 2021). The role of composite indices in international economic diplomacy. In V. Charles & A. Emrouznejad (Eds.), Modern indices for international economic diplomacy. Springer-Palgrave Macmillan.
Charles, V., Gherman, T., & Paliza, J. C. (2019). Stakeholder involvement for public sector productivity enhancement: Strategic considerations. ICPE Public Enterprise Half-Yearly Journal, 24(1), 77–86.
Charles, V., Tavana, M., & Gherman, T. (2015). The right to be forgotten—Is privacy sold out in the big data age? International Journal of Society Systems Science, 7(4), 283–298.
Cherp, A., & Jewell, J. (2014). The concept of energy security: Beyond the four As. Energy Policy, 75, 415–421.
de Sampaio Nunes, P. (2002). Towards a European strategy for the security of energy supply. VGB Powertech, 82.
Deloitte. (2013). Securing tomorrow’s energy today: Policy and regulation, long term energy security. IEC. www.deloitte.com/in
Energy Charter Secretariat. (2015). International energy security: Common concept for energy producing, consuming and transit countries. ISBN 978-905948-054-4.
Font, E. (2020). MOSES energy security ratings for Georgia. World Experience for Georgia (WEG). http://weg.ge/en/moses-energy-security-ratings-georgia-0
Global Energy Institute. (2018). International Index of Assessing Risk in a Global Energy Market, U.S. Chamber of Commerce, USA.
Global Energy Institute. (2020a). Index of US Energy Security Risk, U.S. Chamber of Commerce, USA.
Global Energy Institute. (2020b). International Index of Assessing Risk in a Global Energy Market, U.S. Chamber of Commerce, USA.
International Energy Agency IEA. (2007). World Energy Outlook.
International Energy Agency IEA. (2018). Energy Efficiency 2018 and World Energy Outlook 2018.
International Energy Agency IEA. (2019). World Energy Outlook 2019. https://www.iea.org/reports/world-energy-outlook-2019
International Energy Agency IEA. (2020). World Energy Balances: Overview, Statistics Report. https://www.iea.org/reports/world-energy-balances-overview
IRENA. (2020). Global renewables outlook: Energy transformation 2050. International Renewable Energy Agency. ISBN 978-92-9260-238-3. www.irena.org/publications
Jansen, J., van Arkel, W., & Boots, M. (2004). Designing indicators of long term security. Netherlands Environmental Assessment Agency.
Jewell, J. (2011). The IEA model of short-term energy security (MOSES) primary energy sources and secondary fuels (IEA Working Paper). https://www.iea.org/publications/freepublications/publication/moses_paper.pdf
Jewell, J., & Brutschin, E. (2019). The politics of energy security. In The Oxford handbook of energy politics.
Kabel, T. S., & Bassim, M. (2019). Literature review of renewable energy policies and impacts. European Journal of Marketing and Economics, 2(2), 28–41.
Kabel, T. S., & Bassim, M. (2020). Reasons for shifting and barriers to renewable energy: A literature review. International Journal of Energy Economics and Policy, 10(2), 89–94.
Kester, J. (2018). The politics of energy security: Critical security studies. Routledge.
Kocaslan, G. (2014). International energy security indicators and Turkey’s energy security risk score. International Journal of Energy Economics and Policy, 4(4), 735.
Koyama, K., & Kutani, I. (2012). Developing an energy security index, study on the development of an energy security index and an assessment of energy security for East Asian countries (Chapter 2, pp. 7–47). Economic Research Institute for ASEAN and East Asia (ERIA).
Leung, G. C., Cherp, A., Jewell, J., & Wei, Y. M. (2014). Securitization of energy supply chains in China. Applied Energy, 123, 316–326.
Nathaniel, S. P., Murshed, M., & Bassim, M. (2021). The nexus between economic growth, energy use, international trade and ecological footprints: The role of environmental regulations in N11 countries. Energy, Ecology and Environment (pp. 1–17).
Pahwa, M. S., & Chopra, A. S. (2013). Energy security models—A critical review and applicability in Indian context. International Journal of Research and Development—A Management Review (IJRDMR), 2(2), 17–20.
Salman, D., & Bassim, M. (2019). Political stability, austerity measures, external imbalance, and debt impact on the Egyptian economy. In Impacts of political instability on economics in the MENA Region (pp. 74–102). IGI Global.
Sovacool, B. K., & Mukherjee, I. (2011). Conceptualizing and measuring energy security: A synthesized approach. Energy, 36(8), 5343–5355.
Šumskis, V., & Giedraitis, V. R. (2015). Economic implications of energy security in the short run. Ekonomika, 94(3), 119–138.
Szulecki, K. (2018). The multiple faces of energy security: An introduction. In Energy security in Europe (pp. 1–29). Palgrave Macmillan.
Szulecki, K. (2020). Securitization and state encroachment on the energy sector: Politics of exception in Poland’s energy governance. Energy Policy, 136, 111066.
UK Department of Energy and Climate Change. (2012). Energy security strategy. Presented to Parliament by the Secretary of State for Energy and Climate Change by Command of Her Majesty.
UK National Statistics, Department for Business, Energy and Industrial Strategy. (2019). Energy consumption in the UK (ECUK) 1970 to 2018, consumption tables, Chart C1.
United Nations Development Programme, Human Development Report. (2020). The next frontier, Human Development and the Anthropocene.
United Nations, Economic and Social Council. (2019). Progress towards the Sustainable Development Goals (SDGs). Report of the Secretary-General. https://undocs.org/E/2019/68
United Nations Population Division. (2019). World population prospects. https://population.un.org/wpp/Graphs/Probabilistic/POP/TOT/900
Vivoda, V. (2010). Evaluating energy security in the Asia-Pacific region: A novel methodological approach. Energy Policy, 38(9), 5258–5263.
Wang, Q., & Zhou, K. (2017). A framework for evaluating global national energy security. Applied Energy, 188, 19–31.
Winzer, C. (2012). Conceptualizing energy security. Energy Policy, 46, 36–48.
World Bank. (2019). 2019 tracking SDG7: The energy progress report.
World Bank. (2020). World Bank database. https://data.worldbank.org/indicator/EG.use.pcap.kg.OE?locations
World Bank. (2021). Commodity price data. The Pink Sheet.
World Bank Data. (2021). Population total. https://data.worldbank.org/indicator/SP.POP.TOTL. Accessed April 2021.
World Economic Forum. (2017). Global Energy Architecture Performance Index Report 2017.
World Economic Forum. (2021). Fostering effective energy transition. http://www3.weforum.org/docs/WEF_Fostering_Effective_Energy_Transition_2021.pdf. Accessed May 2021.
Yergin, D. (2006). Ensuring energy security. Foreign Affairs, 85(2), 69–82.
Acknowledgements
The authors are thankful to the reviewers for their valuable comments on the previous version of this work.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Bassim, M., Charles, V. (2022). International Energy Security Risk Index and Energy Diplomacy. In: Charles, V., Emrouznejad, A. (eds) Modern Indices for International Economic Diplomacy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-84535-3_6
Download citation
DOI: https://doi.org/10.1007/978-3-030-84535-3_6
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-84534-6
Online ISBN: 978-3-030-84535-3
eBook Packages: Economics and FinanceEconomics and Finance (R0)