It ’ s been a Q1 like no other . The energy supply crunch and Russia ’ s invasion of Ukraine have catapulted the industry into the front line of geopolitics .

International leaders and oil majors – among a line of multinational corporations – have been quick to respond to the crisis , imposing financial sanctions , withdrawing from Russia and suspending new projects .

Yet the competing dynamics remain . The notion of sanctions is designed to punish Russia – even as we face the prospect of soaring bills and escalating fuel poverty ; While Russian oil imports are halted , the fact is we ’ re in ‘ transition ’ and renewables can ’ t meet all our energy needs .

What is patently clear , to echo COP26 , is that renewables investment must be accelerated . COVID-19 started the transformative changes and now we must work out how to lower costs to get to net zero faster .

DOMINIC ELLIS dominic . ellis @ bizclikmedia . com

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