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Global executives see Ukraine conflict accelerating energy transition

November 23, 2022


Executives at companies across 20 major economies see the Ukraine conflict speeding up the pace of the transition to cleaner energy, rather than slowing it down, a survey by Britain-based law firm Ashurst found.

The findings counter fears that bans on Russian natural gas following its invasion of Ukraine, which Moscow calls a special operation, are driving up demand for coal for heat and power generation and hampering investment in wind and solar power.

More than 75% of 1,999 senior executives surveyed across Group of 20 (G20) countries expected the Ukraine conflict would speed up energy transition in their country, while 12% predicted it would slow transition, Ashurst said.

Companies and banks were driving investment in renewable power, particularly in such countries as Brazil, India and China, with government funding having dropped to fourth place from the top spot last year, the survey found.

That trend is expected to shift further, with survey respondents saying they expected funds, not corporates, to be the leading new investors in renewable power in their country in the next five years, particularly in the Asia-Pacific region.

[Sonali Paul]

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