Strengthening Resilience through Economic Diplomacy: Navigating Challenges in the Energy Sector

Abstract

One of the key means to foster resilience is by ensuring a secure energy sector. Shaped by the current geopolitical environment, the international energy system has been fronting significant multilayered challenges that are exerting a growing influence on the energy security dynamics and economic stability. In this context, the energy transition that aims to build a more sustainable and cleaner future does not come without drawbacks, however it could also serve as a catalyst to strengthen the worldwide energy security and create new economic opportunities. In the last decades, governments have been focusing on economic diplomacy as a strategic instrument with an important role in fulfilling the national and international economic interests, strengthening at the same time resilience in the energy sector, enabling nations to navigate geopolitical uncertainties, to secure the energy supplies and to support sustainable energy transitions. Therefore, this paper aims to explore the means and the effects of economic diplomacy in enhancing energy security and sustainability, by focusing on the scientific literature and analysing the findings of the peer-reviewed articles on the matter. This study underscores that a proactive and dynamic approach in economic diplomacy is crucial for building resilient energy partnerships in this increasingly interconnected world. UDC: 620.9:005.574; JEL: F50