Energy

The European Union is seeking to reduce the price cap on Russian oil from $60 to $45 per barrel. This should make it more difficult for Russia to finance its war against Ukraine. The EU also intends to discourage investment in the Nord Stream 1 and 2 gas pipelines.

In recent times, Central Asia’s most populous nation has become the centre of attention for great powers, underscored by high level diplomatic contacts with the United States, the hosting of a regional summit with the leadership of the European Union and a high profile visit by hundreds of Russian officials and executives who participated in a trade fair in Tashkent. Western interest centres on Uzbekistan’s abundant reserves of critical minerals and a desire to develop clean energy  sources, including nuclear power. Russia, along with China, has broader trade interests, including developing manufacturing capacity.

On Monday (28 October), Azerbaijan held a meeting in Baku with NATO's Climate and Energy Security Sector representatives from the Innovation, Hybrid Issues and Cybersecurity Division and representatives from NATO member and partner countries to discuss energy security and climate change. 

Finland and Morocco discussed cooperation in water, renewable energy, green hydrogen, cybersecurity and telecommunications in the Finnish capital Helsinki on Tuesday (6 August).  Finnish Foreign Minister Elina Valtonen received her Moroccan counterpart Nasser Bourita, who is on a working visit to Finland. Both countries see opportunities in digitalisation, especially in cybersecurity and 5G networks.

The Council of the European Union on Monday (24 June) adopted a 14th package of economic and individual restrictive measures against Russia, "dealing a further blow to the Putin regime and those who perpetuate its illegal, unprovoked and unjustified war of aggression against Ukraine". These measures are designed to target high-value sectors of the Russian economy, such as energy, finance and trade, and make it increasingly difficult to evade EU sanctions.

Russia's ongoing full-scale war in Ukraine, initiated on 24 February 2022, has caused significant environmental and climate damage, severely impacting global efforts to combat climate change. This is highlighted in the latest report from the Initiative on Greenhouse Gas Accounting of War (IGGAW), which analyses the environmental costs over the past two years. The report was published Thursday (13 June) by the Ministry for Environmental Protection and Natural Resources of Ukraine in collaboration with climate advocacy groups. The IGGAW report estimates climate-related damages at $32 billion, attributed to activities such as the extensive use of military fuels and the destruction of landscapes and infrastructure. Over 24 months, the conflict resulted in the emission of 175 million tonnes of carbon dioxide - more than the annual emissions of a developed country like the Netherlands.