Three Myths About the Global Energy Crisis
Russia is not winning the battle for supplies nor disrupting efforts on climate change and clean power.
Myth 1: Russia is winning the energy battle. A short-term jump in energy export earnings can’t offset a permanent loss of trust & markets. Moscow is doing itself long-term harm by alienating the EU, its biggest customer. Its oil & gas sector will also struggle under sanctions.
Myth 2: The current crisis is a clean energy crisis. In fact, more low-carbon energy would have helped ease the crisis, and a faster transition is the best way out of it. When people blame clean energy, they are moving the spotlight away from the real culprits: the gas crunch & Russia.
Myth 3: Today's crisis will stop us from tackling climate change. The crisis can actually be a historic turning point towards a cleaner and more affordable & secure energy system. We’ve seen key momentum with the EU’s REPowerEU Plan, the US Inflation Reduction Act, Japan’s GX green transformation plan, and clean energy plans in China & India.