Ukraine war a perfect storm to spark global energy reset

The war has become a catalyst to rethink global energy supplies: Surging fossil fuel prices, intense competition and rising geopolitical risk. With climate change impacts intensifying, will the crisis unite the world in stronger climate action and spending on cheaper renewable energy? Or will it entrench fossil fuels in the pursuit of energy security?

The crisis underscores the world's deep dependency on coal, oil and gas. PHOTO: AFP
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Everyone is feeling the pinch: soaring petrol prices and a painful jump in electricity bills.

The war in Ukraine, in addition to the terrible human cost, has upended the world's energy system and the price spikes are symbolic of a global scramble for fossil fuel supplies as nations in Europe and elsewhere rush to replace Russian energy exports.

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