Surging prices and the EU’s goals of becoming less dependent on Russia will catapult global energy spending this year to $2.1 trillion. Surging oil, gas, and power prices together with the EU’s goals of becoming less dependent on Russian supplies and post-Covid-19 pandemic inflation will catapult global energy spending this year to $2.1 trillion, Rystad Energy research shows. Rystad said that concern in energy markets was that the ongoing war in Ukraine would derail the energy transition, but the latest data suggests that spending on green energies will grow faster than in the fossil fuel sector. Without the invasion, however, there would have been less growth in investments in oil and gas and the share of green energies in global energy spending would be slightly more than today’s 31 percent. According to the research, upstream oil and gas spending is now projected to grow 16 percent – or $142 […]