The repercussions from Russia’s war on Ukraine on the international oil and gas markets should be a cause for serious reflection by climate campaigners.

The price of oil and gas has risen sharply as the previous supplies to the EU from Russia have been throttled. High energy prices are not good for politicians’ popularity. Joe Biden is so keen to get more oil that he met with the repulsive crown prince of Saudi Arabia, which he had previously called a pariah state. His administration also intends to allow more offshore oil drilling.

Gas shortages in Europe

EU countries are worried about gas shortages. They have done their best to increase their gas reserves in readiness for the winter demand. The burning of coal is also increasing once again.

While politicians have talked about accelerated renewable energy, their actions have been to increase the supply of gas, oil and coal. It is very clear that the current world economic systems are incapable of a rapid reduction in the burning of fossil fuels. Despite previous promises and targets, the Ukraine war is having the effect of increasing reliance on fossil fuels. A switch to renewables will not happen quickly.

Electricity costs in Europe are linked to the costs of producing electricity from all sources. This means that the Ukraine war is increasing electricity prices for all consumers.

The only way that the world will be able to rapidly reduce emissions from fossil fuels will be mandatory restrictions and a huge and immediate investment in renewable energy.

To minimize the impact on ordinary people, targeted rationing and price controls will also be essential. If a swift reduction in emissions is left to market forces, chaos and misery are inevitable.