Europe is accelerating its deployment of renewables
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
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
