International Energy Agency says Ukraine invasion boosted state spending on clean energy and ‘will accelerate transition to renewables’
Jasper Jolly, The Guardian, Thu 27 Oct 2022 03.49 EDT
Global carbon emissions from energy will peak in 2025 thanks to massively increased government spending on clean fuels in response to Russia’s invasion of Ukraine, according to analysis by the world’s leading energy organisation.
The International Energy Agency (IEA) said that government spending on clean energy in response to the crisis would mark a “historic turning point” in the transition away from fossil fuels, in its annual report on global energy.
The invasion of Ukraine has prompted an energy crisis around the world, with global gas prices initially surging. The crisis has caused steep inflationthat has made households poorer around the world.
Governments have been scrambling to find other sources of energy. Some analysts have questioned whether fears over energy security could lead to the use of fossil fuels for longer, slowing the world’s race to net zero carbon emissions. Some countries – including the US and the UK under previous prime minister Liz Truss – have pledged to encourage fossil fuel extraction to try to ease prices.
However, Fatih Birol, the IEA’s executive director and one of the world’s most influential energy economists, said the energy crisis caused by Russia’s invasion “is in fact going to accelerate the clean energy transition”.