EPISODE · Jun 22, 2022 · 59 MIN
Russia-Ukraine Conflict: In Search of Silver Linings in the Energy Transition
from Middle East Dossier · host mei-nus
The war in Ukraine has forced Europe to re-examine its security strategy and energy dependence on Russian oil and gas. The EU is now pushing for an embargo on all Russian hydrocarbons – a previously unthinkable option. Whilst the energy industry has been rapidly shifting away from hydrocarbon investments, governments have been slow to promote low carbon alternatives, leaving a looming energy shortfall. But it is not just Europe, and energy, that will be affected. Around the world, countries are bracing for the impact. Expectations of a post-Covid recovery have vanished – the IMF has predicted that global growth will halve from 2021’s 6.1 per cent. The war will add fuel to the inflation fire, and fears of a food crisis are looming. In Singapore, Prime Minister Lee Hsien Loong warned in his May Day address that a recession could hit within the next two years. Geopolitically, too, countries will count the cost. The renewed alignment between the US and Europe to isolate Russia is forcing many countries follow suit. Nations such as Finland and Sweden are making plans to join NATO. While a majority of United Nations member states have backed a resolution condemning Russia’s invasion of Ukraine, many African and Asian states abstained or did not vote, not wishing to choose sides. Middle Eastern oil producers have resisted calls from the US to increase output. China, facing economic tailwinds of its own, is assessing how to avoid suffering Russia’s fate in future. What will the various impacts of the war be? What is the outlook for Singapore and other countries in Asia? Will the climate emergency return to the headlines? What lenses should we put on to discern the main driving forces from the noise? Join us for this talk and question-and-answer session to find out. This public talk was conducted online via Zoom on Tuesday, 21 June 2022, from 11.00 am to 12.00 pm (SGT). Note: Mr Rose spoke in private capacity, and his views are his own. For more information about this event, click here: https://mei.nus.edu.sg/event/russia-ukraine-conflict-in-search-of-silver-linings-in-the-energy-transition/
What this episode covers
The war in Ukraine has forced Europe to re-examine its security strategy and energy dependence on Russian oil and gas. The EU is now pushing for an embargo on all Russian hydrocarbons – a previously unthinkable option. Whilst the energy industry has been rapidly shifting away from hydrocarbon investments, governments have been slow to promote low carbon alternatives, leaving a looming energy shortfall. But it is not just Europe, and energy, that will be affected. Around the world, countries are bracing for the impact. Expectations of a post-Covid recovery have vanished – the IMF has predicted that global growth will halve from 2021’s 6.1 per cent. The war will add fuel to the inflation fire, and fears of a food crisis are looming. In Singapore, Prime Minister Lee Hsien Loong warned in his May Day address that a recession could hit within the next two years. Geopolitically, too, countries will count the cost. The renewed alignment between the US and Europe to isolate Russia is forcing many countries follow suit. Nations such as Finland and Sweden are making plans to join NATO. While a majority of United Nations member states have backed a resolution condemning Russia’s invasion of Ukraine, many African and Asian states abstained or did not vote, not wishing to choose sides. Middle Eastern oil producers have resisted calls from the US to increase output. China, facing economic tailwinds of its own, is assessing how to avoid suffering Russia’s fate in future. What will the various impacts of the war be? What is the outlook for Singapore and other countries in Asia? Will the climate emergency return to the headlines? What lenses should we put on to discern the main driving forces from the noise? Join us for this talk and question-and-answer session to find out. This public talk was conducted online via Zoom on Tuesday, 21 June 2022, from 11.00 am to 12.00 pm (SGT). Note: Mr Rose spoke in private capacity, and his views are his own. For more information about this event, click here: https://mei.nus.edu.sg/event/russia-ukraine-conflict-in-search-of-silver-linings-in-the-energy-transition/
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Russia-Ukraine Conflict: In Search of Silver Linings in the Energy Transition
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