ESG360 - How War in Ukraine can Accelerate Renewables Adoption
In this episode of ESG360, we discuss Europe’s plan to reduce its reliance on Russian fossil fuels and what that means for the energy transition
- Europe’s REPowerEU plan promises to reduce the bloc’s energy dependencies by deploying wind and solar power at a faster rate and further developing a hydrogen market
- In 2021, the EU imported around 140 billion cubic metres (bcm) of gas by pipeline from Russia and 15 bcm of liquefied natural gas, together representing almost 40% of EU gas consumption, according to the International Energy Agency
- The scale of capital required to fund the energy transition will lead to partnership funding in the private markets and more M&A as some companies struggle to pivot and play catch-up through acquisitions
In this episode of ESG360, I will be speaking with Alex Wotton, Co-Head of Greentech Industrials and Infrastructure in EMEA about Europe’s plan to reduce its reliance on Russian fossil fuels and what that means for the energy transition.
The war in Ukraine may prove to be a watershed moment in the fight against climate change if it succeeds in catalysing countries to accelerate a move to greener power motivated by energy security. The war has underscored how geopolitics is inextricably linked to energy policy and climate outcomes. In March, the European Commission unveiled its ‘REPowerEU’ plan, a blueprint to reduce the bloc’s energy dependencies over concerns that Moscow could turn off gas supplies in retaliation to sanctions from the EU and US, and to avoid indirectly funding the invasion by buying Russian fossil fuels. Measures include quicker deployment of wind and solar, further developing a hydrogen market and streamlining authorisations to fast-track new power projects.
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Contributor
Alex Wotton
Managing Director, Co-Head of Greentech Industrials and Infrastructure in EMEA
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