Russia’s war hits energy markets hard

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

On The Carbon Copy podcast this week:

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.

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