INTERNATIONAL MONETARY FUNDEnergy Security aand TheGreen TransitionJaden Kim,Augustus J.Panton,and Gregor SchwerhoffWP/24/6IMF Working Papers describe research inprogress by the author(s)and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers areWORKING PAPERthose of the author(s)and do not necessarilyrepresent the views of the IMF,its Executive Board,or IMF management.2024★JANFUND2024 Intemational Monetary FundWP/24/6IMF Working PaperResearch DepartmentEnergy Security and The Green TransitionPrepared by Jaden Kim,Augustus J.Panton and Gregor Schwerhoff*Authorized for distribution by Florence JaumotteJanuary 2024IMF Working Papers describe research in progress by the author(s)and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.ABSTRACT:The current energy crisis has raised important policy questions on how to strengthen short-termenergy security while remaining firmly committed to the green transition,a challenge amplified by the recentconsensus at COP28 to transition away from fossil fuels.This paper examines the historical determinants ofthe security of energy supply and analyzes the green transition implications for energy security.Looking back,we find that the diversification of energy trade partners,or the lack thereof,was the main factor thatunderpinned energy security dynamics within and across countries over the last two decades.Looking ahead,the green transition is expected to have a net positive effect on energy security provided investments arealigned to address new challenges posed by the increased reliance on renewables.JEL Classification Numbers:Q43.Q47,Q48,Q54,Q55,Q58.H20Keywords:Energy security;energy independence;green transition;climatemitigation;geo-political risksAuthors'E-Mail Address:The authors would like to thank Florence Jaumotte for helpful comments,and Sneha Thube and Hugo Rojas-Romagosa for modelsimulations.