Climate conversations and energy security have gained prominence over the past decade with the introduction of not only sustainable energy products but the presence of key stakeholders globally expressing the importance of maintaining a sustainable environment for the climate.
Barely three months ago, world leaders met at the Glasgow climate summit and made inspiring commitments to reduce the use of fossil fuel as the effects of global warming affect everyone in the end. However, with the Russian invasion of Ukraine, it seems that the world may have taken one step forward and two steps backward.
The invasion which happened on Thursday, 24th February has ultimately led to a brewing war between the two countries. The aftermath of these events is soaring oil prices and sanctions on Russian oil and natural gas deliveries – sanctions that are threatening to derail the global transition away from harmful fossil fuels.
Russia remains a major part of the global energy system owing to its huge fossil fuel resources. The country is the world’s third-largest oil producer after the US and Saudi Arabia. Russia accounts for 12% of global output and is the second-largest gas producer after the US, responsible for 17% of the global output.
According to reports, global oil prices moved past $100 per barrel in the week of the invasion while natural gas prices surged 60% in Europe, exposing the continent’s heavy reliance on Russian energy imports.
However, in Africa, where the climate agenda is experiencing a great deal of turning point, the ongoing crisis stands as a potential deterrent for the continent which is slowly reducing dependency on harmful fossil fuels. In a 2019 report by International Energy Agency, Africa’s dependency on fossil fuels is expected to reduce with the demand for cleaner energy like Liquified Natural Gas (LNG) doubling by 2040. This report also projects Africa as a key player in cleaner energy conversations and climate sustainability.
However, with the ongoing crisis, and the sanctions on Russian oil export deliveries, there is now a global urgency to diversify away from Russian fossil fuels even more quickly, to various alternatives that may pose potential harm to the environment.