“To reduce gas consumption, less gas must be used to generate electricity. Coal-fired power plants will have to be used more instead,” Germany’s economic minister, Robert Habeck said in a statement on Sunday, June. 19.

Russia’s military invasion of Ukraine has roiled the markets and geopolitics of energy, driving oil and gas prices to their highest levels in nearly a decade and forcing many countries to reconsider their energy supplies. According to the International Energy Agency, Russia is the world’s largest oil exporter to global markets, and its natural gas fuels the European economy.

Before Russia’s full-scale invasion of Ukraine on Feb. 24, 2022, governments across the globe were seized with climate change commitments, and so is the same for big corporates whose role in climate change is just as important as they need to complement efforts by policymakers to make the air we breathe cleaner. To achieve the decarbonisation targets requires a revolution in the energy industry, but can this be performed in the face of the existing global events?

Definition and Background

The United Nations (UN) defines climate change as long-term shifts in temperatures and weather patterns. These shifts may be natural, such as through variations in the solar cycle. But since the 1800s, human activities have been the main driver of climate change, primarily due to burning fossil fuels like coal, oil, and gas, according to the UN.

As greenhouse gas emissions blanket the earth, they trap the sun’s heat. This leads to global warming and climate change. The world is now warming faster than at any point in recorded history. Warmer temperatures over time are changing weather patterns and disrupting the usual balance of nature. This poses many risks to human beings and all other forms of life on earth...

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