By Selen Tonkus
ANKARA
The G7 energy ministers meeting in Rome, May 5-6, is expected to focus on finding alternative sources of energy, to curb dependence on Russian gas and oil in light of the ongoing situation in Ukraine.
According to Amanda Paul from the European Policy Center, Russia is using its status as an energy superpower to hold other countries to ransom and steps need to be taken to change this.
With the EU heavily dependent on Russia for natural gas Paul believes, "the meeting will give a strong focus to energy security issues; to see how cooperation can be strengthened in order to reduce energy dependence on Russia."
Paul also added that it is rumored that a global plan for developing alternative energy sources and supply networks will be presented. "However, it will take time to find and develop solutions and stop Russia using its gas reserves as a geopolitical tool," she concluded.
NRG energy analyst, Edgar van der Meer, thinks that with the West imposing sanctions and ever increasing trade restrictions on Russia in light of the ongoing situation in Ukraine the G7 energy ministers meeting is likely to focus on maintaining an adequate energy supply in light of current developments.
However, according to Professor Volker Quaschning from Berlin's HTW University of Applied Sciences, the energy ministers should be discussing an exit plan for the use of coal, gas and oil instead of discussing things such as how to increase fracking to extract shale gas.
"This is the wrong way to become independent from energy imports and this does not help to protect the earth from global warming," he added.
Russia holds the largest natural gas reserves in the world, and is the second-largest producer of dry natural gas and third-largest liquid fuels producer in the world. Its economy is highly dependent on its hydrocarbons, oil and gas revenues, which account for more than 50 percent of the country’s federal budget revenues.
Russia's membership to the group meetings of the world’s most industrialized countries was suspended March 24 upon its annexation of Crimea by the remaining seven countries, which comprise Germany, U.K., France, Italy, U.S., Canada and Japan, the G7.
englishnews@aa.com.tr
