Ukraine And New Energy

Will Russia's war on Ukraine help or hinder green energy transition? The transition to green fuels is more relevant than ever to reduce dependence on Russian hydrocarbons.

March 10, 2022 (Buenos Aires Times)

“Despite fears that the energy price shock unleashed by Russia's war in Ukraine will put climate ambitions on the back burner, the transition to green fuels is more relevant than ever to reduce dependence on Russian hydrocarbons…[T]he European Union and other countries are seeking to wean themselves off Russian hydrocarbons, especially natural gas…Coal – the most environmentally harmful electricity source – may tempt some nations…[The International Energy Agency (IEA)] acknowledged that the fossil fuel would enable Europe…as global demand for the dirty [but lower cost] fossil fuel reached a historic high in 2021…

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Countries such as Poland could burn coal for longer, using it to transition to renewable energy sources without passing through a phase of gas power…Analysts from the RBC bank said the move was "a total shift" in the bloc's stance towards coal…The EU, IEA and NGOs stress that the development of renewable energy sources and biogas must be accelerated…Investors seem to agree, with the value of companies in the sector rising recently even as the Ukraine conflict triggers dramatic market volatility…

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Solar and wind power capacity increased at an unprecedented rate in 2021...But the IEA said four times as much infrastructure must be installed every year to limit global warming to the 1.5 degrees Celsius target…[and questions] remain over the soaring cost of critical materials…Changing Europe's demand [with increased energy efficiency] as well as the supply is an important tool in the energy transition…[The European Union is] targeting efficiency measures including insulating buildings and changing the method of heating…” click here for more

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