Podcast

Russia’s war hits energy markets hard

Shocks from Russia’s invasion of Ukraine will permanently alter the global energy system.

The civilian and military death toll from Russia’s full-scale invasion of Ukraine is growing daily. Close to 2 million people have fled Ukraine for neighboring countries in the fastest refugee migration since World War II

But the effects of this war aren’t just humanitarian; they’re economic as well. That’s because so much of the conflict is tied up in global energy flows. Russia is one of the biggest fossil fuel producers in the world. Europe depends on Russia for 40% of its gas for heating and up to one-third of its oil. 

And since Russia is such a major exporter of oil and gas, its military actions are putting new pressures on a global supply chain already hurt by tight energy supplies driven by Covid-19 disruptions. 

Europe, along with the rest of the world, is being forced to consider what a future without Russia’s fossil fuels could look like.

This week, we host a conversation with two experts watching the impacts on energy markets around the world. 

Guests: Pierre Noël, Global Research Scholar at the Center on Global Energy Policy, and Amy Myers Jaffe, Research Professor at the Fletcher School at Tufts University and Managing Director of the Climate Policy Lab.

The Carbon Copy is a co-production of Post Script Media and Canary Media.

Recommended reading:

The Carbon Copy is supported by Atmos Financial. Atmos offers FDIC-insured checking and savings accounts that only invest in climate-positive assets like renewables, green construction and regenerative agriculture. Modern banking for climate-conscious people. Get an account in minutes at joinat​mos​.com.

The Carbon Copy is also supported by Climate Positive, a podcast from Hannon Armstrong, the first U.S. public company solely dedicated to investing in climate solutions. The Climate Positive podcast features candid conversations with the leaders, innovators and changemakers driving our climate-positive future. Listen and subscribe wherever you get your podcasts.