Energy Security: A Multivariate Analysis of Emerging Trends and Implications for South Asia

Abstract

Energy security is considered to be a universal issue in the twenty-first century. It denotes the right to use reliable sources of energy at competitive prices produced in an environmentally sustainable and safe means as well as the security of supply and demand. The strategic significance of energy security has been stirred by the political and economic events since 1970. The purpose of energy security is to guarantee adequate, reliable supplies of energy at reasonable prices in ways that do not endanger major national values and objectives. Energy security has different dimensions that vary from economic, environmental, social, foreign and technological progress which differ from country to country, and also from one period to another. To meet the growing aspirations of the people and the economies of South Asia, countries are under massive social and political strain to secure reliable, sustainable and reasonably priced energy supplies to meet the escalating demand for commercial energy. Energy security is thus no longer merely a catchword but an irrefutable reality for vital economic development throughout South Asia. And energy security will remain a high priority issue all over the world and the duty of ensuring energy security to the people and the state is not only confined to national governments but also to regional and international regime. This article analyses the emerging trends of energy security through the most debated contemporary issues such as climate change, sustainable development and globalisation.