Carbon Budgets UK, Energy Trilemma, and the Impact of Ukraine War on Energy Prices

MANAGING ENERGY CRISIS
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Managing Energy Crisis
1 Carbon budgets UK (6 budgets) & which sectors within the UK have put the most effort and investments into fighting emission reduction to achieve net zero target
The carbon budget delivery plan by the UK government dubbed the Carbon Budget 6, target the realization of Paris Agreement recommendations, including eliminating emissions and ultimately achieving a net zero target. The UK introduced the Climate Change Act, which primarily entails advising policymakers regarding greenhouse gas emissions for a desired period, for example, 1990-2035. They are compelled to embrace low-carbon solutions, including a shift towards renewable energy instead of crude oil, and gas, among other fossil fuels that affect the realization of net-zero targets and contain greenhouse gas emissions. This includes prioritizing offshore wind as one of the low-carbon energy supplies that will yield the sixth carbon budget. It applies to the industries such as aviation, shipping, buildings, surface transport, manufacturing and construction, agriculture, and waste management. The UK is achieving notable progress with the Carbon Budget policy, which is currently championed by reduced emissions drawn from the power sector (Climate Change Committee, 2022). The objective includes making the UK a climate leader, resultantly overcoming challenges drawn from overreliance on fossil fuel, including global emissions and increased export from leading sources such as Russia, which invites other challenges such as energy crises in the event of political instability. Collectively, at the moment, power and industry are leading sectors that are enjoying considerable success. They have put the most effort and investments into fighting emission reduction to achieve a net zero target. This is championed by an increased focus on renewable energy, including solar, wind, and hydropower. The aviation industry is one of the sectors that is failing to achieve significant success in the carbon budget objectives of reducing the net zero plan. This can be attributed to the reliance on airplane transport that relies primarily on fossil fuels and register more and more flights.
2 Energy trilemma (sustainability, affordability, and security)
The need to achieve net zero goals is attracting debates around energy trilemma, including sustainability, affordability, and security. The energy trilemma primarily entails balancing key elements such as sustainability, affordability, and security or reliability that would guarantee the successful realization of the net zero goals (Marti & Puertas, 2022, p. 100007). The policymakers are compelled to embrace and balance the aforementioned elements, ultimately overcoming the global warming crises and other emerging challenges, such as the recent oil price increase following Russia’s invasion of Ukraine. The energy trilemma prioritizes access to cheap energy that can generate energy for a considerable period and, at the same time, barely attract destruction to the planet. It also indicates the availability of energy consumers and businesses can afford. The energy sector must ensure that the energy infrastructure...