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19 February 2023 by Jeremy Wright
The Ukraine war has pressured fossil fuel pricing, created shortages and encouraged more use of coal in the short term. However, it has also accelerated the green transition.
Warm weather and greater energy efficiency means Europe has used 6-8% less electricity this winter. And around the world, capital is being mobilised to make economies more frugal. Last year governments, households and firms together spent $560bn on energy efficiency. Much of this was spent on electric vehicles and heat pumps, with almost doubled sales in both 2021 and 2022.
Reason for hope?
Also see Energy Transition Webinar recording: https://climateandpeace.com.au/videos-7-feb-2023/