Energy trilemma in 2024: Striking the balance
In 2024, the World Energy Council's concept of the 'energy trilemma' – balancing energy security, energy equity, and environmental sustainability – served as the focal point for discussions hosted by Stephenson Harwood's international energy transition group.
These discussions with our clients and contacts, held in Singapore, London, and Jakarta, highlighted the unique challenges and pathways for energy transitions in different regions, emphasising the role of renewables, biofuels, nuclear, carbon capture, and government policies. Below we explore the issues raised in these discussions, the similarities and differences between the UK, EU, Singapore, Indonesia and the wider ASEAN region.
The energy trilemma involves three core dimensions:
- Energy security: The ability to meet current and future energy demand reliably and recover swiftly from system shocks.
- Energy equity: Providing universal access to affordable and abundant energy.
- Environmental sustainability: Transitioning energy systems to mitigate environmental harm and climate change impacts.
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