this is a good article about what's going on, especially in Europe where numerous energy companies have been declaring bankruptcy.
Green Upheaval
The New Geopolitics of Energy
By Jason Bordoff and Meghan L. O’Sullivan
January/February 2022
It is not hard to understand why people dream of a future defined by clean energy. As greenhouse gas emissions continue to grow and as extreme weather events become more frequent and harmful, the current efforts to move beyond fossil fuels appear woefully inadequate. Adding to the frustration, the geopolitics of oil and gas are alive and well—and as fraught as ever. Europe is in the throes of a full-fledged energy crisis, with staggering electricity prices forcing businesses across the continent to shutter and energy firms to declare bankruptcy, positioning Russian President Vladimir Putin to take advantage of his neighbors’ struggles by leveraging his country’s natural gas reserves.
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Talk of a smooth transition to clean energy is fanciful: there is no way that the world can avoid major upheavals as it remakes the entire energy system, which is the lifeblood of the global economy and underpins the geopolitical order. Moreover, the conventional wisdom about who will gain and who will lose is frequently off base.
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A move away from oil and gas will reconfigure the world just as dramatically. But discussions about the shape of a clean energy future too often skip over some important details. For one thing, even when the world achieves net-zero emissions, it will hardly mean the end of fossil fuels. A landmark report published in 2021 by the International Energy Agency (IEA) projected that if the world reached net zero by 2050—as the UN Intergovernmental Panel on Climate Change has warned is necessary to avoid raising average global temperatures by more than 1.5 degrees Celsius above preindustrial levels and thus prevent the worst impacts of climate change—it would still be using nearly half as much natural gas as today and about one-quarter as much oil. A recent analysis carried out by a team of researchers at Princeton University similarly found that if the United States reached net zero by 2050, it would still be using a total of one-quarter to one-half as much gas and oil as it does today. That would be a vast reduction. But oil and gas producers would continue to enjoy decades of leverage from their geologic troves.
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https://www.foreignaffairs.com/artic...green-upheaval