The energy trilemma once more: new relations between accelerating decarbonization, ensuring energy security and promoting economic development in a new era of geopolitical and geoeconomic competition

Abstract

An acceleration of the pace of decarbonization and clean energy deployment driven by climate mitigation and energy security goals is defining a new era of industrial policy and geoeconomic competition. The paper explores how the energy trilemma, the challenges to bridge sustainability, security and equity goals, has evolved after Russia’s invasion of Ukraine, and what new tensions arise between its three legs in the current context of increased geopolitical tension. The paper concludes that while new difficult challenges arise to pursue sustainability, security and equity at once in the current context, win-win-win options are available to ensure swift, secure and fair energy transitions.