Abstract

The Global Financial Crisis in 2008 led to a temporary decrease in the use of fossil fuel, providing an opportunity to discuss a new energy policy paradigm. Accordingly, global energy governance after the financial crisis displayed a change in ideas from a fossil fuel-based system to a green energy-based system. It is expected that the international demand for energy will continue to increase until 2030, particularly in emerging economies such as China and India. Fossil fuel will continue to be the most widely used energy source, while demand and supply of atomic energy and renewable energy will also expand. Still, when “easy oil” is drained and the development of alternative energy is delayed, the competition to secure energy resources is likely to become extremely intense. This competition regarding energy security under the circumstance where the existing international organizations and institutions have not yet created stable global energy governance could last for some time. Developing new clean energy and alternative energy to diminish dependence on fossil fuel is one feasible solution, but without the foundation of stable governance, any green growth strategy might encounter another level of competition and conflict. Most of these energy security problems can be observed in East Asia and consultation on energy cooperation in the region is making slow progress. At the same time, however, discussions on renewable energy, countering climate change, energy efficiency and reducing the use of energy are picking up speed, providing an opportunity to build new governance.

Future debates on energy governance must progress with a transitional approach. This reflects a combination of the existing fossil fuel-oriented international energy relations and the new green energy relations focused on renewable energy. The structure of future energy governance is likely to show multilayered and multifaceted aspects. Furthermore, when building international governance on energy, it is necessary to recede from the simple logic of supply and demand. International energy cooperation should produce public goods that go beyond the approach of neo-mercantilism.

The full text in Korean is available here