Russia’s invasion has caused a short-term spike in prices, but could prompt a long-term shift towards sustainability.
. According to the International Energy Agency, Russia is the world’s largest oil exporter to global markets, and its natural gas fuels the European economy. The United States, the European Union and others have imposed economic sanctions on Russia, and have announced plans to wean themselves off that country’s fossil fuels. But even as Russia’s bombs rain down on Ukraine, its oil and gas continues to flow to Western nations that have condemned the invasion .
The war has prompted political leaders to rethink their energy plans, which could have profound impacts on a range of issues, from a burgeoning food crisis to global efforts totakes a look at some of the choices the world faces, as well as potential repercussions that could play out over the course of years or even decades.For now, the biggest question facing world leaders is how to sever their energy dependence on Russia.
The commission’s plan seeks to replace 101.5 billion cubic metres of Russian gas by the end of the year. Boosting imports to Europe from other countries could account for nearly 60% of that reduction, and another 33% would come from new renewable-energy generation and conservation measures, the plan suggests.
Although the next few years could be tough, the long-term impact on energy policy and greenhouse-gas emissions in Europe could be beneficial, according to Grimm, a co-author of the Leopoldina report. The power sector is covered by the European trading system, which caps cumulative carbon emissions, so a temporary increase in coal power, for instance, should drive up the price of carbon credits and force emissions reductions elsewhere.
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