Moscow Not Winning, New Energy Is – IEA Director

‘Moscow is winning the energy battle’ and two other myths about the global energy crisis, according to top energy chief

Sophie Mellor, September 6, 2022 (Fortune)

“…[T]he Kremlin is threatening to keep gas supplies to Europe halted until the West lifts its sanctions on Moscow…[and] the short-term outlook for global energy looks bleak…[But Fatih Birol, the executive director of the International Energy Agency, said three narratives around the global energy crisis] make it look worse than what it is…[T]he crisis should be viewed as the beginning of a historic turning point toward a cleaner world…

click to enlarge

…[While rising prices do create a windfall for Russia, Moscow is doing itself long-term harm, because] the U.K. and U.S. trimmed their purchases of Russian oil and the EU agreed to cut 90% of its oil exports by the end of the year…[An internal report prepared for the Russian government] argued Russia may face a longer and deeper recession as the impact of U.S. and European sanctions spreads…

click to enlarge

…[In addition,] policymakers regret not moving faster to build solar and wind energy plants, improving the energy efficiency of buildings and vehicles, and extending the lifetime of nuclear plants…The unfolding crisis is a stark reminder of the unsustainability of the current energy system, which has been dominated by fossil fuels since the Industrial Revolution…[This is an opportunity for a historic turning point]…

click to enlarge

…The EU launched its REPowerEU plan to rapidly reduce its dependence on Russian fossil fuels, while the U.S. put into law the Inflation Reduction Act, which allocates $370 billion to energy security and climate change investments in an array of clean-energy technologies, including solar, wind, electric vehicles, carbon capture, and hydrogen…[Japan, China, and India are moving in the same direction, and though] tough challenges lie ahead, but that doesn’t mean Russia is winning or climate efforts are doomed…” click here for more

click to enlarge

Tweet