FT News Briefing The stalled green transition
Mar 9, 2022
The U.S. and U.K. have banned Russian oil and gas imports, raising fears of recession in Europe. As countries grapple with the consequences, many are reverting to fossil fuels despite previous climate commitments. The geopolitical instability is impacting global energy markets, with China leaning heavily on coal. Additionally, the mass emigration from Russia is causing economic ripples as major brands exit the market, complicating the landscape further. Can the green energy transition survive these challenges?
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Economic Impact of Oil and Gas Ban
- The West's ban on Russian oil and gas imports raises fears of oil shock, stagflation, and recession, especially in Europe.
- However, economies are less reliant on oil and gas now than in the 1970s, offering some hope.
Ukrainian Refugee Crisis and Macroeconomics
- The Ukrainian refugee crisis could positively impact European labor markets.
- Refugees finding jobs could alleviate the financial burden and potentially mitigate some inflationary pressures.
Impact of Ukraine War on Green Transition
- The war in Ukraine has renewed focus on fossil fuels as the West seeks alternatives to Russian energy.
- This situation could stall the green transition in the short term but potentially accelerate it in the long run.