Global Energy Crisis: Impact on The Global Economy.

This paper presents an overview of the 2021 global energy crisis. It has been shown that a combination of post-COVID recovery, depleted fossil fuel energy reserves and extreme weather conditions led to a surge in global demand for energy. Fossil fuel energy reserves were depleted and were not sufficiently replenished due to the need to transition from fossil fuel energy to renewables. Failure to replenish fossil fuel energy reserves led to unavoidable energy shortages. Energy demand rose to unprecedented levels and the shortage could not be filled by renewables, thereby triggering the energy crisis or energy supply crunch. The energy crisis or energy crunch witnessed in the UK and some parts of Asia and Europe showed how the energy transition can have ripple effects across every corner of society. The energy crisis demonstrates, in part, that renewable energy is not yet fully developed, and is not ready to meet the ever-growing global demand for energy by households and corporates. There is need to consider calls to slowdown the energy transition until the renewable energy sector is fully developed and ready to meet the ever-growing global demand for energy. Slowing down the transition to renewables is a step in the right direction in light of recent events. [ABSTRACT FROM AUTHOR]