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Ukraine conflict speeding global pivot to renewables: Lord Mayor of London
Russia’s invasion of Ukraine could accelerate the world’s transition to clean energy, Lord Mayor of the City of London Vincent Keaveny told The Jakarta Post.
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A solar power plant is surrounded by rice fields in Sengkol village, Central Lombok, West Nusa Tenggara, on March 5. Government data show that renewable energy contributed 11.5 percent to the energy mix last year, up from 11.2 percent in 2020. (Antara/Ahmad Subaidi)
Russia’s invasion of Ukraine could accelerate the world’s transition to clean energy, Lord Mayor of London Vincent Keaveny has said.
Keaveny told The Jakarta Post on Tuesday that current geopolitical conditions have underlined the importance of making energy supply chains more resilient.
“The current geopolitical situation has intensified the need for renewable energy to be part of the long-term solution, to our energy supply needs. Renewable energy is absolutely a part of that,” said Keaveny, who is the ambassador for London's financial district.
High fuel prices, inflationary pressures and supply chain bottlenecks, the urgent need to accelerate the energy sector’s transformation to net zero, and the Russian invasion of Ukraine are creating a potent mix of pressures and incentives for energy investors, according to the International Energy Agency (IEA).
Meanwhile, Western nations are looking for ways to quickly wean themselves off Russian energy exports, as evidenced by the United Kingdom and the United States bans on oil imports from Russia.
Global energy investment is set to increase by 8 percent in 2022 to reach US$ 2.4 trillion, with the anticipated rise coming mainly in clean energy, according to an IEA report released in June.
Read also: Indonesia shifts G20 focus to energy security
