International Energy Agency urges action on energy security as global leaders prepare for key summit

The International Energy Agency (IEA) has warned that the lessons from the energy crisis sparked by Russia’s invasion of Ukraine have yet to be fully grasped, as over 60 global leaders prepare to meet in London to discuss energy security.

UK Prime Minister Sir Keir Starmer will host Ursula von der Leyen, President of the European Commission, as well as ministers from the US, Japan, France, Germany, and India, alongside executives from leading energy companies, for a two-day summit aimed at ensuring stable and resilient energy supplies amid a volatile global market, Caliber.Az reports via foreign media.

Fatih Birol, IEA Executive Director, highlighted the ongoing crisis caused by the disruption of Russian pipeline gas to Europe and the scramble for alternative energy sources. “The lessons from Ukraine have not yet been fully understood,” Birol remarked. Birol, who co-organised the summit with the UK government, outlined the “three golden rules” for energy security: diversifying energy supplies, ensuring political stability to support long-term investments, and fostering global cooperation.

While Europe remains heavily dependent on imported gas, Birol noted that recent changes to energy subsidies and regulations in both Europe and the US, along with the trade war initiated by US President Donald Trump, have created uncertainty. This, he argued, would continue to affect oil and gas demand for some time. Birol also pointed to growing risks to energy supplies, including geopolitical tensions in Europe and the Middle East, extreme weather events, cyberattacks, and disruptions to critical supply chains. 

He stressed that both traditional and emerging risks need to be part of the global debate on energy security. The summit will feature representatives from fossil fuel giants like Shell, BP, ExxonMobil, and TotalEnergies, alongside renewable energy companies such as Ørsted and Vestas. However, China will not be attending due to scheduling conflicts, although Birol emphasised that the countries present represent three-quarters of the world’s GDP.

By Naila Huseynova