The EU energy crisis is so much bigger than Russia’s It is driven by a flawed energy policy that failed to appreciate the scale of the decarbonization challenge.

The repurposing of Europe’s oil and gas pipelines for the transport of carbon dioxide for carbon capture storage (CCS) and hydrogen to fuel the energy transition, could cut the capital outlay to achieve the European Union’s (EU’s) ambitious climate change mitigation targets by more than 70 billion euros, a study showed.

Despite the professional necessity to analyze the economic, geopolitical, and liquidity scenarios of how Russia’s invasion of Ukraine could play out, I struggle to do so through clear eyes. To draw conclusions that are optimistic to global asset prices from current levels feels almost inappropriate. The Ukrainian people face an unfathomable hardship, and whatever the outcome, Russian citizens, the vast majority who are innocent in all this, will feel the consequences of an unstable banking system and sanctions for years to come. Russia’s leadership and the oligarchs who have underwritten Putin’s power and enormous personal wealth will be inconvenienced. Sergei Lavrov may not make it to Canne this summer, and Chelsea Football Club may have a new owner, but like all the tragedies the world has faced in the past thirty years, those with the lowest exposure to financial assets face the greatest risk

As we move away from our dependency on fossil fuels and transition towards renewable energy sources, the old business model of oil behemoths that have generated so much cash both for the companies and their investors is at risk.