By Karuna Thapa
Kathmandu, March 22
In the context of the global energy crisis caused by Russia’s invasion of Ukraine, the
International Atomic Energy Agency (IAEA) has warned that governments throughout the globe are exploring how to cut oil consumption. The 10-point energy strategy for this has been detailed by the energy monitoring authority. These include lowering the speed limit on roads by six miles per hour, working three days a week from home, and releasing automobiles in cities on Sundays.
Sanctions on Moscow would result in a third reduction in supply to Europe. This will make
meeting the demands of the United States and the European Union more challenging for
developed countries.
Other emergency plans include driving, taking high-speed and night carriages instead of flying, avoiding corporate air travel as much as possible, and walking, cycling, and taking public transit.
Global oil consumption might be cut by 2.7 million barrels per day in four months if these ideas are completely implemented. According to the IAEA, this is equivalent to the total number of automobiles in China. If growing economies such as India and China join in, the consequences might be far-reaching.
Emergency measures, on the other hand, might hamper the world economy, which is
dependent on fossil fuels for transportation. As a result, the International Atomic Energy
Agency (IAEA) has indicated that having a headache is preferable to seek alternatives.
”The world is facing a massive oil supply as a result of Russia’s actions against Ukraine. This has the potential to have a significant influence on our economy and society ”Fateh Birol, the IAEA’s Executive Director, said in a statement. In 2021, Russia was the world’s second-largest oil exporter.
