BBC: World facing 'first truly global energy crisis', report says
Russia's invasion of Ukraine will have long-lasting effects on energy supply and markets, a new report suggests.
The International Energy Agency (IEA) said the world faces its first "truly global energy crisis" as a result.
It added that unaffordable energy bills remain a huge problem, driven up as the exports of oil and gas have been restricted.
But the crisis should also be seen as a turning point, speeding up the world's transition to green energy, it said.
"With unrelenting geopolitical and economic concerns, energy markets remain extremely vulnerable, and the crisis is a reminder of the fragility and unsustainability of the current global energy system.
"The heaviest burden is falling on poorer households where a larger share of income is spent on energy", the report warned.
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WNU Editor: The IEA report is here .... World Energy Outlook 2022.
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1 comment:
Not quite global. The cost of hydrocarbons is as low as ever in Russia and China and looking set to stay that way once this current period of oversupply ends.
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