The heaviest burden is falling on poorer households where a larger share of income is spent on energy.Īlongside short-term measures to try to shield consumers from the impacts of the crisis, many governments are now taking longer-term steps. In the most affected regions, higher shares of renewables were correlated with lower electricity prices – and more efficient homes and electrified heat have provided an important buffer for some consumers, albeit far from enough. The WEO’s analysis finds scant evidence to support claims from some quarters that climate policies and net zero commitments contributed to the run-up in energy prices.
With unrelenting geopolitical and economic concerns, energy markets remain extremely vulnerable, and the crisis is a reminder of the fragility and unsustainability of the current global energy system, the World Energy Outlook 2022 (WEO) warns. The biggest tremors have been felt in the markets for natural gas, coal and electricity – with significant turmoil in oil markets as well, necessitating two oil stock releases of unparalleled scale by IEA member countries to avoid even more severe disruptions. Today’s energy crisis is delivering a shock of unprecedented breadth and complexity. The global energy crisis triggered by Russia’s invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system, according to the latest edition of the IEA’s World Energy Outlook.
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