2022 has been an extraordinary year for climate with events prompting divergent near-term pressures. The “now or never” warning on climate by IPCC in April was followed by another summer of extreme weather events. The rising frequency and severity of these events was evident with the worst drought in Europe for centuries, major floods in Pakistan, and record-high temperatures in Europe and India. As well as causing huge suffering, there’s growing recognition of the major financial and economic risks from these extreme weather events.

Yet, at the same time, energy transition has had to take a back seat to energy security and affordability due to the war in Ukraine. Policymakers are reacting in different ways to Russia cutting back energy supplies to Europe including importing liquified natural gas (which has twice the environmental impact of natural gas), recommissioning coal-fired power plants, and resuming fossil-fuel exploration and production.

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