Background

Russia ’ s invasion of Ukraine has prompted a raft of market withdrawals and project suspensions .

Which companies have taken action ?

bp will off load its 19.75 % stake in Rosneft in a move which will cost the company up to $ 25bn ; Shell has exited its joint ventures with Gazprom and related entities , including its 27.5 % stake in the Sakhalin-II liquefied natural gas facility , 50 % stake in the Salym Petroleum Development and Gydan energy venture . ExxonMobil and TotalEnergies said they will not invest in new developments in Russia , and the Nord Stream 2 pipeline project has also been put on hold .

What are the broader implications ?

Europe is already reeling from an energy supply crisis , with bills set to soar from April , and the war and market uncertainty is exacerbating a volatile situation . To read the ‘ Top 10 energy issues ’ from the crisis , click here .

� HYDROGENONE CAPITAL GROWTH HydrogenOne Capital Growth has bought a £ 3.3mn stake in Norwegian green hydrogen developer Gen2 Energy – following its recent £ 10mn investment in Bramble Energy .

� WORLEY , ABB AND IBM Worley , ABB and IBM have signed an MoU to collaborate on helping energy companies build green hydrogen facilities at scale .

� UK LOW CARBON AND RENEWABLES UK Office for National Statistics data shows low carbon and renewables turnover was £ 41.2bn in 2020 and showed ' no significant change ' since 2014 .

� FASTER ACTION ON CLIMATE CHANGE NEEDED Accelerated action is required to adapt to climate change alongside making rapid , deep cuts in greenhouse gas emissions , according to a new IPCC report .

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