Russia’s war hits energy markets hard

The civilian and military death toll from Russia’s full-scale invasion of Ukraine is growing daily. More than 1.5 million people have fled Ukraine for neighboring countries in the fastest refugee migration since WWII.  

But the effects of this war aren’t just humanitarian; they’re economic. That’s because so much of it is tied up in global energy flows. Russia is one of the biggest fossil fuel producers in the world. Europe depends on Russia for 40% of its gas for heating and one quarter of its oil. 

And since Russia is such a major exporter of oil and gas, its military actions are putting new pressures on a global supply chain already hurt by tight energy supplies driven by COVID-19 disruptions. 

Europe, along with the rest of the world, is being forced to consider what a future without Russia’s fossil fuels could look like.

This week: a conversation with two experts watching the energy market’s impacts around the world. 

Guests: Pierre Noël, Global Research Scholar at the Center on Global Energy Policy and Amy Myers Jaffe, Research Professor at the Fletcher School at Tufts University and Managing Director of the Climate Policy Lab.

The Carbon Copy is a co-production of Post Script Media and Canary Media.

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