Humanitarian crises, especially those brought on by the war in Russia and Ukraine, have had a considerable effect on the world’s energy system and pattern. Due to the disruption of the supply chain and demand patterns, trading relationships have unluckily become extremely tight. 

A record-breaking increase in the cost of goods and energy has been observed in recent years, particularly for the most basic consumers, sectors, and economies. Developing nations typically find this trend unacceptable due to their limited economic resources and persistent debt. It also runs the risk of undermining efforts to deal with the pressing issue of reducing greenhouse gas emissions globally quickly enough to avert catastrophic climate change. We cannot allow Russian enmity to once again undermine the battle against climate change.

With a focus on the volatility of the most recent few months, our World Energy Investment 2022 report, which will be issued next month, will reflect the rapid changes the global energy system has witnessed since the research’s publication last year and will feature a number of new findings. In parliamentary hearings, shareholder meetings, government departments, and conferences like the World Economic Forum Annual Meeting in Davos later this month, these issues are at the forefront of the significant discussions taking place right now throughout the world.

Another undeniable fact is that even before the Ukraine war, the world was far from achieving its goal of lowering carbon emissions and maintaining a good check on greenhouse gasses. It was difficult to reach the climate goals since CO2 emissions were at an all-time high and the fuel market was under pressure. Another disconcerting finding was the fact that investments in new technology have remained surprisingly low, despite the need to cut emissions to zero by the middle of the century. If the world is to have any hope of keeping global warming to 1.5 °C, it must overcome this significant but intimidating challenge.

Constructive steps were taken during the COP26 Climate Change Conference in Glasgow in November, and countries are increasing their investments in renewable energy as part of their strategies for economic recovery.