The new wave of geopolitical uncertainty, prompted by the conflict in Ukraine, has given a new sense of urgency to the energy transition. Decarbonization, long prioritized as a means of addressing climate change, has now become a key focus for countries looking to achieve energy security. Indeed, Russia’s invasion of Ukraine has highlighted the world’s, and particularly Europe’s, still-high reliance on fossil fuels and the economic sacrifices involved in transitioning away from them.

High inflation, compounded by the ongoing conflict, means that energy affordability is now a pressing political and social issue. As a result, decision makers are struggling to deal with a series of overlapping demands: decarbonize the economy, preserve security of supply and maintain energy affordability.

Of course, these objectives need not be mutually exclusive. Soaring, volatile energy prices have demonstrated the unsustainability of fossil fuel reliance, adding momentum to the e