Balancing climate mitigation and energy security goals amid converging global energy crises: The role of green investments

Global energy markets are experiencing an unprecedented confluence of events that are driving up gas prices and bringing energy security to the forefront, adding further complexity to already uncertain prospects following global economic recovery from COVID-19. This article examines the factors that have led to the current surge in natural gas prices and the role of green investment in enhancing energy security and accelerating the transition pace for a sustainable world. It also discusses the potential short- and long-term implications of ongoing spikes in energy prices on global energy transition. The analysis highlights that while renewables could provide a promising solution to enhance energy security, the current energy crisis has revealed that the current scale of renewable energy investments is not ready to address ongoing energy needs, forcing countries to re-unlock further hydrocarbon fuel sources such as coal, putting global energy transition on hold. The paper concludes with policy recommendations that enable unlocking clean energy investments amid a strained geopolitical context. •We focus on how to balance climate mitigation and energy security goals.•We examine the role of green finance and investments in accelerating the energy transition.•We also discuss the potential short- and long-term implications of ongoing energy spikes.•The current scale of green energy investments is not ready to address ongoing energy needs.•We conclude with policy recommendations that enable unlocking clean energy developments.