![]() “I would argue that if countries had embraced green sources more aggressively a decade ago, we wouldn’t be in this situation,” Steve Herz, international climate policy adviser at the US-based environmental group Sierra Club, told Al Jazeera. While some analysts have suggested that a lack of investment in fossil fuels has contributed to the current energy crunch, the coal shortage in India and China stems from a sudden resurgence in global energy demand, not from the global march towards a greener energy mix, say observers. ![]() The United States, Ukraine and some former Soviet-bloc nations fear Nord Stream 2 could make Europe even more dependent on Russian energy. “Gazprom wants to use the current scenario to get Europe to issue regulatory approvals for Nord Stream 2,” he told Al Jazeera, referring to the controversial gas pipeline built to bypass Ukraine and deliver Russian gas to Europe across the Baltic Sea. With Europe, there’s a larger game afoot too, said Gabuev. “The sky-high prices are promising to give Russia windfall revenues,” said Bros, adding that back-of-the-envelope calculations show Gazprom could earn $10bn in additional income this year. Under a deal signed this month, Russia committed to sending up to 40 million tonnes of coking coal to India every year.Īnd Europe is pleading with Russia for additional gas from Gazprom beyond what the state-run firm is contractually obliged to supply. And Russian energy giant Gazprom is expected to supply 10 billion cubic metres of natural gas to China this year via the China-Russia east route pipeline, according to China nationalist tabloid the Global Times. “It’s a perfect storm,” said Alexander Gabuev, a senior fellow at the Carnegie Moscow Center.Ĭhina, already a major market for Russian coal, is looking to increase imports amid its shortages. As global leaders gather in Glasgow for the COP26 summit on Sunday to recommit to fighting climate change, Moscow’s emphasis on fossil fuels is what could keep homes in many of the world’s largest economies warm this winter Coal prices are four times what they were a year ago. With the global economy recovering at a historic rate and the demand for energy shooting up, benchmark prices for natural gas hit all-time highs in Asia and Europe in October. It’s home to some of the world’s largest reserves of gas and coal, and fossil fuels make up the lion’s share of its export revenue. Russia is poised to benefit both financially and strategically. “All of this gives Russia real leverage,” Thierry Bros, an energy industry analyst and professor at the Sciences Po research university in Paris, told Al Jazeera. Now it’s reaping the benefits of that decision, with energy-hungry Europe, China and India looking to Russian gas and coal to play saviour.Ĭonsider the irony: As global leaders gather in Glasgow for the United Nations Climate Change Conference (COP26) on Sunday to recommit to fighting climate change, Moscow’s emphasis on fossil fuels is what could keep homes in many of the world’s largest economies warm this winter. Europe is also grappling with rising electricity costs as supplies of natural gas fail to meet the needs of economies that are finally on the move after 20 months of the coronavirus pandemic.īut while there are plenty of losers, the global energy crunch is also minting winners – including Russia.įor years, President Vladimir Putin’s government has been criticised for Moscow’s refusal to move swiftly towards clean energy. Multiple Chinese provinces have suffered blackouts in recent weeks as coal supplies there fall short of demand. ![]() Several Indian states enforced power outages in October that at times lasted up to 14 hours a day. “It’s going to get really bad,” he told Al Jazeera.Ī desperate coal shortage at India’s power utilities this month is stoking those fears, as supplies struggle to keep up with a burgeoning demand for electricity in a reviving economy. But D’Costa, a 43-year-old executive at an education startup, is worried that the worst is yet to come. This pattern played out repeatedly on a recent sultry night. Keep reading list of 4 items list 1 of 4 Ukraine war sped the world on a path to net zero emissions: Report list 2 of 4 ‘Driving us to ruin’: Netherlands climate protesters fight fossil fuels list 3 of 4 Tens of thousands rally in New York demanding end to fossil fuels list 4 of 4 California sues oil giants alleging ‘climate risks deception’: Report end of list
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