![]() ![]() The Russian war exposed all too clearly what was already known: many countries, particularly in Europe, are still strongly dependent on Russia’s oil and gas exports. The most powerful, disruptive force, however, is arguably Russia’s invasion of Ukraine, which created a pressing need to strengthen energy security and will likely require more fossil fuel extraction, at least in the medium term.Įxisting international pledges to cut carbon emissions to net zero by 2050 were already challenging but now, given the new reality, governments and companies are scrambling to balance their green-industry ambitions with these new imperatives of energy security and higher costs. ![]() While some of these forces might be short-lived - such as higher energy prices (which have already begun to abate) - others, including the political polarization of ESG issues in the United States, are more difficult to gauge. A new report shows that after a period of ascendancy, the momentum behind ESG initiatives among companies and governments has recently come under strainĪ nearly perfect storm of geopolitical, social, and economic forces has put the environmental, social & governance (ESG) objectives of companies, investors, and governments under strain this year - a situation that is likely to continue into next year, according to a new special report.
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