Soaring Fossil Fuel Prices Shouldn't Dampen Energy Transition Optimism

Four months after COP26, the global energy picture has changed significantly — and not in the direction that COP negotiators would have hoped. Far from declining, coal use globally surged to record levels over the winter, causing emissions to rise. And that was before Russia invaded Ukraine, causing a global energy crisis that has forced countries, especially in Europe, to look for ways to quickly wean themselves off Russian oil and gas, and reconsider timelines of commitments to cut the use of fossil fuels. A recent study by McKinsey &…