The world is reliant on oil. The war in Ukraine could change that

The war in Ukraine could serve as the impetus for an accelerated global transition away from fossil fuels and towards renewable resources, experts say.

The war in Ukraine is putting renewed attention on the outsized role Russia plays in the global oil and gas markets as the conflict sends energy prices soaring.

But experts say fresh efforts from Europe and other global players to accelerate decarbonization — the reduction of greenhouse gas emissions through low-carbon sources — could have the combined benefit of reducing Russia’s leverage over the global energy sector and lowering heating and fuel prices for consumers in Canada and around the world.

Russia’s invasion of Ukraine has sent oil and gas prices soaring, as the eastern European country is a critical supplier of natural gas to Europe and sends oil to global markets.

Russia’s economy is also tightly tied to its energy exports. Sanctions targeting the sector have been a key part of the West’s attempts to stymie President Vladimir Putin‘s war efforts.

The European Commission published plans on Tuesday to cut EU dependency on Russian gas by two-thirds this year and end its reliance on Russian supplies of the fuel “well before 2030.” The bloc relies on Russia for 40 per cent of its natural gas and a quarter of its oil imports.

“The answer to this concern for our security lies in renewable energy and diversification of supply,” EU climate policy chief Frans Timmermans said.

“It’s hard, bloody hard. But it’s possible.”

The United States also announced plans Tuesday to cut off its oil and gas imports from Russia, following a similar move from Canada last week, though neither country is an extensive crude trading partner with Russia. The United Kingdom has made a similar pledge to cut off Russian oil imports by the end of the year.