Global Leaders Believe The Situation In Ukraine Will Hasten The Energy Transformation

According to a poll conducted by the British law firm Ashurst, executives at businesses in 20 major economies believe the crisis in the Ukraine is accelerating rather than slowing the world’s move to cleaner energy.

The results dispel concerns that restrictions on Russian natural gas enacted in response to what Moscow terms a “special operation” in Ukraine are increasing demand for coal for the production of heat and electricity while discouraging investment in wind and solar energy.

According to a research released on Wednesday by Ashurst, “the necessity to provide greater energy security made clear by the crisis is likely to drive to a quicker energy transition, not a halt.”

According to Ashurst, more than 75% of the 1,999 top executives from the Group of 20 (G20) countries polled projected that the crisis in Ukraine would hasten the country’s energy transformation while 12% believed it would slow it down.

The poll revealed that businesses and banks were driving investment in renewable energy, notably in nations like Brazil, India, and China, while government funding had fallen to fourth position from first place last year.

According to survey respondents, this trend will continue to change over the next five years, notably in the Asia-Pacific area, with funds replacing corporations as the largest new investors in renewable energy.

Quinbrook, an infrastructure investor, predicts that Australian investments in renewable energy will slow down over the next two years as volatile energy prices threaten returns and equipment shortages cause delays in projects.

Despite all the headline activity that is occurring, Quinbrook Infrastructure Partners co-founder David Scaysbrook stated during a briefing on Tuesday that “next year will be quite tight in terms of investment levels.”

Between June 22 and July 7, Ashurst conducted its third survey of top executives involved in energy decision-making at state-owned enterprises, publicly traded organizations, and private businesses in the G20 countries.

That was before the United States implemented the Inflation Reduction Act (IRA), which offers tax credits worth billions of dollars for renewable energy and would have discouraged foreign investment.

The incentives for investing in America have been strengthened by the IRA, according to Scaysbrook.

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