Financial TimesFinancial Times

Three myths about the global energy crisis

By Fatih Birol

05 Sep 2022 · 3 min read

Editor's Note

The climate and energy crises are two of the biggest challenges we face. In this article the executive director of International Energy Agency breaks down three common myths.

As the global energy crisis continues to hurt households, businesses and entire economies worldwide, it’s important to separate fact from fiction. There are three narratives in particular that I hear about the current situation that I think are wrong — in some cases dangerously so.

The first is that Moscow is winning the energy battle. Russia is undoubtedly a huge energy supplier and the increases in oil and gas prices triggered by its invasion of Ukraine have resulted in an uptick in its energy income for now. But its short-term revenue gain is more than offset by the loss of both trust and markets that it faces for many years to come. Moscow is doing itself long-term harm by alienating the EU, its biggest customer by far and a strategic partner. Russia’s place in the international energy system is changing fundamentally, and not to its advantage.

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