Russia crisis will accelerate transition

Short-term increases in fossil fuel use will give way to an accelerated deployment of renewables

The Russia-Ukraine war may stall the energy transition in the short term amid a temporary pick-up in fossil fuel use, but this will give way to an acceleration towards renewables in the longer term, according to speakers at the S&P Global Asia Energy Transition conference this week. Moscow’s military escalation has plunged oil and gas markets into crisis, sending prices sharply higher and potentially rerouting energy flows. The US and the UK have banned Russian oil imports, while Germany is turning to non-Russian LNG as it tries to reduce its 60pc reliance on Russian gas. The US has also pledged to increase LNG exports to the EU. “Russia-Ukraine has really created—particularly in Europe