Fossil fuel’s decline
The pandemic demonstrated the ripple effects that disruptions in supply chains can have on the world economy. The war in Ukraine has further exposed the vulnerabilities that arise when strategic inputs like energy, minerals and food are over-dependent on a few countries.
Europe’s need to rapidly replace the fossil fuels imported from Russia is accelerating the transition towards alternative energy. The stepped-up energy transition has a cost and has generated high volatility, but it also creates new opportunities, with periods of high fossil fuel prices offering strong incentives for innovation and investment in alternative energy. The road is long, but the increased investment we see is paving the way for a clean-energy economy.
