LONDON - The drop in Russian fossil fuel exports after its Ukraine invasion this year will transform the global energy landscape for decades and can help to hasten a green energy transition, the International Energy Agency said on Thursday.
“Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” said IEA executive director Fatih Birol. Global clean energy investment is set to rise to more than US$2 trillion a year by 2030, up by half from current levels, while “international energy markets undergo a profound reorientation in the 2020s as countries adjust to the rupture of Russia-Europe flows, the IEA said.
Russia’s supply of internationally traded energy will fall to 13 per cent by 2030 from about 20 per cent in 2021, the IEA projects.