Energy security concerns highlight the need to move faster on decarbonisation – BNP Paribas Asset Management

Rapid energy price rises and concerns about energy security following Russia’s invasion of Ukraine mean transitioning to net zero, has never been more important, says Thibaud Clisson, Senior ESG Analyst at BNP Paribas Asset Management's Sustainability Centre.

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The energy transition – moving to an energy system solely based around low-carbon sources – is a critical part of the response to climate change. Energy-related emissions and those associated with industry, transport and buildings account for around 75% of all greenhouse gas emissions, and these have continued to grow from year to year.

As the International Energy Agency recently highlighted, energy-related CO₂ emissions rose to a record 36.3 gigatonnes in 2021 due to rapid economic recovery from the pandemic.

Recent events have put energy high on political and business agendas. Prices had already been rising markedly after the rebound in demand following the economic shocks of COVID-19. The Russia-Ukraine conflict and the effects on markets from sanctions on Moscow and budding efforts to diversify supplies have sent them higher still.

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