The global energy landscape has changed dramatically But the gap can be closed and the risk of shortages avoided through greater efforts to improve energy efficiency, deploy renewables, install heat pumps, promote energy savings and increase gas supplies. The EU faces a potential shortfall of almost 30 billion cubic metres of natural gas this year. While this has helped to ease the impact of supply cut-offs from Russia, the outlook for winter 2023 may be more challenging. A mild winter and lower-than-expected demand have seen the region’s gas stocks remain relatively stable through the coldest months of the year. Not least in Europe, where the ripple effects of the war have been felt acutely and Russian gas has historically dominated imports. A shift that would move countries away from highly polluting fuels, often supplied by only a handful of major producers, to sources of low carbon energy such as renewables and nuclear. The economic disruption caused by the war in Ukraine has amplified calls for an accelerated energy transition. What’s more, the world’s dependence on fossil fuel consumption, including the price and resource volatility that entails, has come into sharp focus. Regions around the world have experienced soaring prices that have hit consumers hard, all against a geopolitical backdrop with energy security at its heart. One year on from Russia’s invasion of Ukraine, the global energy landscape has changed dramatically.
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