According to European economists, the silver lining of the Ukraine-Russia conflict has highlighted the shortcomings of Europe’s dependence on Russia for oil and gas and the need to move to more sustainable energy.
“European economies are now trying hard to move away from their former dependence on Russian oil, so this is a basic situation that will probably take years to take hold,” he said. rice field. Marcelo Carvalho, Global Head of Economics at BNP Paribas Bank, said:
The European Union has historically relied heavily on Russia for its natural gas supply, but the dynamics have changed since February.
“It is reasonable to say that the Ukrainian war further builds the case for an accelerated pace over a period of five to ten years compared to what would have likely happened without the war.” Carvalho told the Epoch Times.
“Ironically, probably, because of course we don’t want war.”
Carvalho spoke at a BNP Paribas bank press conference earlier this week about breakfast at Michael’s restaurant on West 55th Street in Manhattan.
“War is actually probably bad news in the short term, but good news in the long term, for the energy transition to a greener planet.
A greener planet means a world that relies more on wind and solar energy, pushing the demand for oil to the sidelines.
“This green planet will take years to scale, so the transition here will be gradual.” Added Carvalho.
“They’re trying to move as quickly as they can, but given the constraints, the starting point, and their heavy reliance on oil and gas, the transition has to be as quick as possible, but the inevitable Generally, it will be looser than we would like.”
Carvalho stopped discussing politics Russia’s dependence on oil has surpassed the results of the US midterm elections due next month.
“The risk scenario is that we’ll see a blue wave, but it has to be a pretty strong blue wave, especially in the Senate, for the real agenda to be pushed forward,” he said. Calvin Tse, Head of BNP Paribas Americas Macro Strategy, said:
“A blue wave means Democrats will win seats in the House, especially the Senate. It’s a great scenario.”