It is folly to assume that a system that has been constructed in part by the corporate power of the energy industry will find a way to rein in that same industry against its wishes.
In an interconnected energy world, if Europe cuts imports of Russian oil and gas it will need to source it from elsewhere, contributing to a squeeze on global supplies and global price rises in oil and gas.
Rising oil prices could help speed climate action by accelerating the shift to electric vehicles, but would come at the expense of the economic recovery from the Covid-19 pandemic, according to the global energy watchdog.
