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- May 11, 2013
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(Medium) By now, it is evident that Putin is losing the Ukrainian war. He has failed to capture Ukraine's capital Kyiv and has had to quickly retreat to stem the colossal losses his military has suffered. Surely, things couldn’t get worse for sad Vlad? Well, a recent report from the IEA has looked into the global impact of his idiotic war, and it turns out that the knock-on effects could push Putin’s Russia to breaking point. So, yes, things could and will get far worse for the Kremlin’s cretinous leader.
The IEA (International Energy Agency) regularly looks into how the world’s energy mix is changing. Their reports help inform manufacturers and suppliers of what is to come, enabling them to meet demands or not incur unnecessary costs. One of their recent reports found that the world has dramatically sped up its shift to renewable energy in response to the Ukrainian war. In fact, the IEA found that The world will build 2,400 GW of new renewable energy capacity (mainly from solar and wind energy) in the next five years. That is equal to China’s entire current generating capacity! This represents a significant speed-up in the adoption of these planet-saving technologies.
But how is this connected to Russia’s invasion of Ukraine? Well, it is all to do with how the invasion impacted the fossil fuel industry.
You see, Russia is a significant player in the oil and natural gas world. This meant that as countries imposed sanctions on Russia, they simply stopped supplying them with fossil fuels. This led to the Russian-EU gas lines being shut off, which created a steep decline in the world's supply of natural gas that, in turn, caused a massive global price spike.
Many Western countries have imposed a price cap on Russian oil too, which Putin has said they will not bow down to, again causing a similar issue and sending oil prices up.
These rising prices have led to an energy crisis and mean many developed nations are struggling to pay the bills. This has exposed how reliant many countries were on Russian fossil fuels. As such, many are now profoundly aware of just how vulnerable they are to Putin’s blackmailing and, as such, are desperate to be more energy-independent.
This is where wind and solar energy come in. These renewables are by far the cheapest forms of energy we have ever had, costing around 70% less than natural gas power per kWh. They can also be built and deployed far cheaper and quicker than other forms of energy and can be built locally (less so with solar). This means they are incredibly attractive to countries desperate to stop suckling at Putin’s oily teat, and according to the IEA, this is what has caused a wind and solar energy boom.
The IEA (International Energy Agency) regularly looks into how the world’s energy mix is changing. Their reports help inform manufacturers and suppliers of what is to come, enabling them to meet demands or not incur unnecessary costs. One of their recent reports found that the world has dramatically sped up its shift to renewable energy in response to the Ukrainian war. In fact, the IEA found that The world will build 2,400 GW of new renewable energy capacity (mainly from solar and wind energy) in the next five years. That is equal to China’s entire current generating capacity! This represents a significant speed-up in the adoption of these planet-saving technologies.
But how is this connected to Russia’s invasion of Ukraine? Well, it is all to do with how the invasion impacted the fossil fuel industry.
You see, Russia is a significant player in the oil and natural gas world. This meant that as countries imposed sanctions on Russia, they simply stopped supplying them with fossil fuels. This led to the Russian-EU gas lines being shut off, which created a steep decline in the world's supply of natural gas that, in turn, caused a massive global price spike.
Many Western countries have imposed a price cap on Russian oil too, which Putin has said they will not bow down to, again causing a similar issue and sending oil prices up.
These rising prices have led to an energy crisis and mean many developed nations are struggling to pay the bills. This has exposed how reliant many countries were on Russian fossil fuels. As such, many are now profoundly aware of just how vulnerable they are to Putin’s blackmailing and, as such, are desperate to be more energy-independent.
This is where wind and solar energy come in. These renewables are by far the cheapest forms of energy we have ever had, costing around 70% less than natural gas power per kWh. They can also be built and deployed far cheaper and quicker than other forms of energy and can be built locally (less so with solar). This means they are incredibly attractive to countries desperate to stop suckling at Putin’s oily teat, and according to the IEA, this is what has caused a wind and solar energy boom.
