As COP27 comes to a close, the opposing challenges from the urgent need to do more to reduce global emissions and the escalating cost of living, the energy crisis and political upheaval brought on by Russia’s war in Ukraine remain. The turmoil in energy markets has clearly weakened environmental targets in the short term, with the US administration being forced to ask domestic crude producers to increase production and Europe being pressed to turn back to coal plants for electricity generation. However, the current crisis could potentially speed up the transition to greener fuels in the long term, not least due to rising global investment in renewable energy, the introduction of the US Inflation Reduction Act, increased ambitions of the EU’s Fit for 55 policy and China’s accelerating electrification of its car fleet.
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