Energy Crisis Driven by Uncertainty, Not Production Shortages, Says Jaishankar

New Delhi, October 31 (Daily Kiran) : India’s External Affairs Minister S. Jaishankar addressed the second plenary session of the G20 Foreign Ministers’ meeting in Atlanta, expressing concerns over the current energy crisis. He emphasized that the crisis is not due to a lack of energy production, but rather stems from uncertainty, supply disruptions, high costs, and challenges in accessing energy.

Jaishankar described the deliberate attacks on energy trade and infrastructure as a calculated strategy to control prices. He shared his views on social media platform X, stating, “Deliberate attacks on energy trade and infrastructure are a planned strategy to hold energy prices hostage.”

He pointed out that energy markets are being increasingly affected by obstacles, restrictions, and interruptions in strategically significant maritime routes. Such situations are becoming more frequent, with rising complexity and impact.

The minister expressed particular concern for low-income countries, suggesting that their struggles and needs are often overlooked. He also questioned the trend of differentiating between oil and gas, noting that the varying exemptions granted for these energy sources speak volumes. However, he refrained from naming specific countries or detailing the exemptions he referenced.

Jaishankar warned that disruptions in one region of the global market can have repercussions in others. He stressed that the interconnected nature of today’s world means that problems related to energy supply should not be underestimated.

Highlighting India’s energy needs, he stated that reliable and predictable supplies of LPG are essential for meeting clean cooking requirements. He clarified that energy security is not solely about increasing production; availability and continuity of supply are equally important.

The minister also mentioned India’s initiatives in the area of critical minerals, stating, “India’s National Mission on Critical Minerals encompasses the entire process from exploration to recycling.” He proposed promoting the circularity of critical minerals at the G20.

Jaishankar called on G20 nations to demonstrate wisdom and leadership in keeping energy markets open and predictable. He stressed the need to enhance access to financial resources in the energy sector, while also advancing energy storage, small modular nuclear reactors, green hydrogen, and biofuels.

Earlier in the meeting’s opening session, he had emphasized prioritizing diplomacy to address global challenges, asserting that military solutions are ineffective and diplomacy should be given a chance. He also highlighted that attacks on civilian vessels and sailors disproportionately affect countries in the Global South, impacting the availability and prices of fuel, food, and fertilizers.

The two-day meeting, hosted by U.S. Secretary of State Marco Rubio, will conclude on Saturday.