Thursday, 27 October 2022 12:33

Energy crisis sparked by Ukraine war to speed up green transition

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The drop in Russian fossil fuel exports after the invasion of Ukraine will change the global energy landscape for decades. The IEA's annual World Energy Outlook acknowledges the hit to the economy from reduced supplies of Russian oil, gas and coal. The short-term gap created by the reduction in Russia's fossil fuel supply needs to be filled elsewhere. The strongest candidates are "short lead-time" projects that can quickly bring oil and gas supplies to market. The International Energy Agency (IEA) predicts that by 2030 Russia's share of the global energy market will fall from around 20% today to below 10%. For the first time, demand for each fossil fuel has peaked or plateaued, the IEA said.

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