PARIS: Russia’s invasion of Ukraine could accelerate the transition from fossil fuels to green energy, the International Energy Agency said.
Energy markets and policies have changed as a result of the occupation. It is not temporary, it lasts for decades. IEA Executive Director Fatih Birol said the responses of governments around the world signaled a historic shift towards a more affordable and more secure clean energy system.
He was speaking after releasing the World Energy Review Report. The report noted that sanctions against Russia, the world’s largest exporter of fossil fuels, have cut natural gas supplies to Europe and imports of oil and coal.
The Energy Agency predicts that Russia’s energy supply will decrease from 20 percent in 2021 to 13 percent by 2030. Investment in green energy projects will increase to $2 trillion by 20130 from the current $1.3 trillion.
According to the report, carbon emissions from fossil fuels will peak in 2025, but gradually decrease and disappear completely by 2050.