Energy executives at transition conference still lean on fossil fuels

Oil and gas supplies have becomeconstricted in many countries since Russia invaded Ukraine on Feb. 24, prompting sanctions on Russia's energy. Governments worldwide have shifted their focus from sustainability and the energy transition to deep concerns about a global supply crunch and demands for more oil and gas.

In recent years, governments worldwide have encouraged investment in renewable fuels to achieve pledged reductions in carbon emissions. Oil and gas companies reined in exploration and production as investors pressed them to devote more capital to share buybacks and dividends.

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