Giovanna Valverde and Ioannis Tsipouridis
The invasion of Ukraine in February 2022, apart from the humanitarian crisis it created, it led to an unprecedented energy crisis as Russia weaponised gas supplies. This was followed by a rally in energy prices that caused a global panic and pushed nations around the globe, to attempt to alleviate the situation, with fiscal mainly measures.
But, it also marked a resurgence of fossil fuel appetite, which will prove far worse in the long run.
The primary reason for this development is of course not the Ukraine invasion but the total failure, of the global political system to grasp the essence of the principle of energy independence. To put it simply, energy independence is attained only with indigenous energy sources.
But as we are deep into the climate crisis era this definition needs further qualification: energy independence is relying on clean indigenous sources, meaning of course renewable energy sources.
And behold; all counties can be truly energy independent by relying on their own mix of renewable sources, energy savings, energy efficiency and energy storage.
Hence it is a wonder why some governments act as if economic growth still requires fossil fuel production for decades to come and base their policy and investment decisions on this highly questionable view, which is indicative of an absence of energy insight and disregard of climate science.
Speaking of which, we will not be forgiven if we failed to note the very recent headlines: “World likely to breach 1.5C climate threshold by 2027, scientists warn”, which come only a few weeks after the publication of the 6th IPCC Synthesis report.
The climate crisis can be ignored only at our peril.
Climate change is waging a global, fierce war and the one luxury we don’t have is that of time: we cannot delay real science based global response. Simply, next year is going to be worse. In a few years, basic human needs, like shelter, food and health will be in very short supply, while millions of climate refugees will be knocking at our door, if we are not ourselves climate refugees.
Loss and Damage will rise to trillions as millions will be added almost daily to the list.
Continuing use of fossil fuels is like pouring gasoline on a wild fire. It will only speed up the climate change process and lead to runaway conditions.
The consequences of climate change we are witnessing presently are the result of only 1.1oC surface earth temperature rise. Imagine what it will be like even with our safety net temperature of 1.5oC, let alone 2 or 3oC which is the most likely outcome as we are pouring fossil fuels in the economic growth engine.
Certainly the turn things have taken after the Ukraine invasion with coal and lignite thermal stations reopening, imported LNG orders skyrocketing and new hydrocarbon explorations planned, is definitely a turn in the wrong direction.
If we don’t come to terms with the climate emergency reality now, there will be only two options ahead for us.
Either all new investments in fossil fuels will be forced to be abandoned and therefore become stranded assets or the planet itself will become a stranded asset.
Climate must take precedence at any cost.