Russia’s invasion of Ukraine heralds a tipping point for global energy markets that will shrink Moscow’s influence and hasten the transition to renewables, the International Energy Agency said.
Demand for all fossil fuels is set to hit a plateau from the middle of this decade as governments seek to shield themselves from the crisis by diversifying toward clean energy, the Paris-based agency said in its World Energy Outlook. Russia’s share of world oil and gas markets will halve by 2030, it predicted.
"Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” said IEA Executive Director Fatih Birol. "The energy world is shifting dramatically before our eyes.”