Norwegian energy company Equinor has stated that geopolitical conflict caused due to the war in Ukraine has resulted in roadblocks for the energy transition, hindering the achievement of climate objectives. The country’s economy is unique owing to it being one of the main oil and natural gas suppliers to the regional economy while relying on renewable resources for its own energy needs. Eirik Waerness, the chief economist for Equinor, said that positive developments in terms of low-carbon resources have been offset by largely negative news. The continued war initiated by Russia’s invasion of Ukraine, along with challenges related to inflation and the cost of living, has impacted the energy transition measures. The war disrupted global energy flows, with the sanctions imposed in response to the invasion of Ukraine prompting an urgent search for alternatives, primarily from fossil fuel producers. Liquefied natural gas from the US is filling much of the void, being shipped across the Atlantic. Meanwhile, record-high levels of carbon dioxide have been reported in May. Nevertheless, despite short-term setbacks, the longer-term signals point to the direction of decarbonization, with more than half of the global energy investments, this year targeting alternative forms of energy, according to estimates by the International Energy Agency.
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