U.S. says it will bring back “common sense” on energy security: IEA summit

(London, United Kingdom) — The Trump administration is seeking to bring “back common sense” on energy security by reversing previous policies supporting renewable energy sources, a summit on energy security in London heard on Thursday.

The comments came as the world is still reeling from the widespread instability caused by Trump’s tariff war.

The “focus of the last administration was on climate policy” however the Trump suite of executive orders is now seeking to reverse that “to secure our future is defined by abundance,” Tommy Joyce, the U.S. acting assistant secretary of energy for international affairs told the International Energy Agency (IEA) Summit on the Future of Energy Security.

The “U.S. is blessed by abundant energy resources” and is a “top oil, gas and nuclear producer” and one of the largest exporters of LNG.

Nonetheless, president Biden’s initiatives have regulated “all forms of energy” except renewables.

“We oppose these harmful policies, this is not energy security,” he said.

He said the U.S. has been “trading one form of dependency” with another on the back of “abstract emission goals” which act against the U.S.’ national interest.

Noting China is a leading supplier of critical minerals needed for renewable energy technologies which exposes countries to supply risks, he said “for true energy security you must leverage sources that are secure and reliable.”

He also called for affordable energy financing for developing countries and said stabilising grids and being ready to face disruptions, including cyberattacks, were among the priorities, and added discussion should “not be focused on net zero” and on hitting energy producers with ESG policies.

Meanwhile, Ukraine is battling the rising risk of cyberattacks to energy assets amid diversification challenges, and sees cooperation as central to address these issues, Ukraine’s Minister of Energy German Galushchenko said.

He noted cyberattacks have often preceded military attacks on Ukraine in the conflict with Russia.

The CEO of Equinor, Anders Opedal, pointed to a very different landscape for energy investments since the invasion of Ukraine, noting that investments in oil and gas, which had slowed down in previous years, have been “supercharged” in the wake of the conflict.

There is now “an increase in polarisation over energy policies…Different technologies have different pros and cons” and “cost increases” of capital and supply chain are further challenges.

He added there is a need for broad “political compromises for technology in the energy system” and “pragmatism.”

On the other hand, Europe is expected to issue plans to “cut gas consumption” next month, France’s minister for industry and energy Marc Ferracci said.

He said there was a need for a European “Marshall plan for electrification” and that the continent needs to become “less dependent on imports of (clean energy) technology.”

For its part, France is betting on a combination of renewables and nuclear power as it continues to pursue Paris Agreement goals, he added.

(Writing by Beatrice Bedeschi; editing by Sophie Davies)