Does Russia-Ukraine war highlight the importance of renewables? - Kalkine Media

March 20, 2022 12:50 AM AEDT | By Toshiva Jain
Follow us on Google News:

Highlights

  • Russia is responsible for supplying oil and gas to most European, Asian, and other demographics. Thus, any sanctions on the country can hurt Russia and the rest of the world economy as well.
  • The EU, USA and other countries are in a conundrum as to how they would meet their energy demand if exports from Russia were completely banned.
  • The ongoing energy crisis has signalled the importance of shifting to renewables for energy production. Depending upon one country for most of the energy supply could come at heavy costs for the rest of the world. 

Russia is one of the world’s largest oil and natural gas exporters. Naturally, the country has always enjoyed an advantageous stage because of the high demand for Russian oil and gas in the world energy market. Thus, recent sanctions imposed by the USA and other countries might not do complete justice until the world economy becomes energy resilient. 

Oil & gas- the geopolitical weapon

Amid the Russia-Ukraine war, it has become clear that energy supply is a significant geopolitical weapon. Russia is responsible for supplying oil and gas to most European, Asian, and other demographics. Thus, any sanctions on the country would hurt Russia and the rest of the world economy as well.

Some might say that Russia has the upper hand in the battle because of its vital oil and natural gas production. Consequently, the EU, USA and other countries are in a conundrum as to how they would meet their energy demand if exports from Russia were to be completely banned.

GOOD SECTION: Has Vladimir Putin Miscalculated Russia’s War Efforts? 

The need for alternatives

As the world is becoming more and more energy intensive, the need of the hour is to think of energy alternatives. The recent Intergovernmental Panel for Climate Change (IPCC) report also pointed out that fossil fuels are “choking humanity”. We therefore need alternatives to fossil fuels for energy production.

The talk on renewables for energy has been on the table for quite some time now. However, the mass adaption of renewables to produce energy has been low. This is primarily due to high investment and transition costs, lack of initiatives and awareness, limited access to newer technologies etc.

But the Russia-Ukraine war has re-established the need to shift to renewables from fossils. Let’s understand the subject in depth.

 Importance of renewables

Source:  © Lovelyday12 | Megapixl.com

GOOD WATCH: Putin Continues His Invasion || What's happening in Russia-Ukraine War? 

Russia-Ukraine war & importance of renewables

Europe and the rest of the world  is very much capable of building solar and wind energy-producing units. Accelerating the deployment of new solar and wind projects would help the world become independent of fossil fuels.

Nuclear power is the largest source of low emissions of electricity in the US. However, several plants were shut in the past years because of safety protocols. Thus, with better safety guidance, nuclear can become a great source of energy generation. Nuclear and bioenergy are both low emission producing resources. Thus, higher dependency on these would make economies both independent and climate friendly.

Lastly, the current ongoing fuel crisis and high inflation have indicated the need to become more energy efficient. The energy supply is limited globally; however, the demand is exponentially increasing. Thus, it is impeccable to become more energy efficient both on the macro and micro levels.

EMBED VIDEO: Can NFTs Help Ukraine In The War With Russia?

Bottom line

The ongoing energy crisis has surely signalled the importance of shifting to renewables for energy production. Depending upon one country for most of the energy supply could come at heavy costs for the rest of the world. Thus, it is crucial to shift to become energy resilient and efficient in the present geopolitical scenarios.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK