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You are here: Home Members Warwick Business School Fossil fuel dependence has emboldened Putin, now energy security concerns trump sustainability in short term

Fossil fuel dependence has emboldened Putin, now energy security concerns trump sustainability in short term

Posted by Warwick Business School at 08 March 2022, 13:53 CET |
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Commenting on Russia's threat to cut gas supplies if Western nations block imports of Russian oil, Michael Bradshaw, Professor of Global Energy at Warwick Business School, said:

"Our fossil fuel dependence has emboldened President Putin and, whether we like it or not, we are now in a world where energy security concerns trump sustainability in the short term.

"Even before Russia invaded Ukraine, the world was in the grips of an energy price crisis as economies recovered from the Covid-19 pandemic. The result for consumers in the UK and across Europe has been high oil prices and record high gas prices, making energy services increasingly unaffordable for many.

"Although Russia was not the cause of the initial crisis, it was certainly a contributory factor, benefitting both economically and geopolitically. Now the invasion of Ukraine change the world irrevocably. There is no going back to the way things were before.

"Short-term, the focus in Europe is on building resilience within the current fossil fuel system. State intervention may replace markets to deliver security of supply and even affordability.

"However, the IPCC report on climate change has warned that: "Any further delay in concerted global action will miss the brief, rapidly closing window to secure a liveable future."

"For the long-term, we must double down on decarbonisation, moving way from fossil fuels as quickly as possible to build a more sustainable and affordable energy system. That too will present its own energy security challenges."

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