Gulf and European Energy Supply Security - Feem-project.net

Energy Security: Potential for EU-GCC Cooperation
Table 4: Risk as the Vulnerability to an Adverse Event
the ambitious policy that is part of the Climate and
Energy Package of 2008.
Of course, this raises the issue of how to
develop cooperative relations with oil- and gas-
2
Risk c/e = Probability e x Magnitude e x Vulnerability c/e
Muddling
Through
High High High
Europe Alone High High Low
Global Regime Low Low Low
exporting countries, who on
their part may wish to benefit
from a certain degree of security
of demand. Exchanges and
discussions on long-term energy
scenarios − however fragile and
uncertain these scenarios remain
− may help in an improved mutual
understanding of the goals that
are pursued by both categories
of countries in the development
of their energy policies. In that
way, scenarios can be useful tools
to develop a somewhat stabilized framework for
the investment decisions that in any case will be
necessary to ensure the long-term energy supply
of the different world regions.