OPINION: Since Russia’s decision to invade Ukraine and the European drive to end reliance on Russian gas, Brussels has taken every opportunity to stress that the conflict will result in an acceleration of the transition process away from hydrocarbons, as opposed to a retrenchment.
As countries look to strengthen their energy security, officials say deployment of renewables will increase at the expense of fossil fuels.
In its Energy Outlook 2023, BP argued that one of the long-lasting impacts on energy markets brought about by the war will be faster expansion of renewables and a shrinking hydrocarbons trade.
