The war in Ukraine will lead to losses of 1 trillion. dollars of world gross domestic product. Supply chain issues, the impact of COVID-19 and extreme weather events are further exacerbating the situation. Declines of over 8% in Russia, very high in Ukraine, and declines of 1.5% to 2.5% in Germany, France and Italy. Saudi Arabia is pleased with 3.5% growth.
Rising fuel and gas prices
Annual energy inflation in the European Union has topped 41%, up 14% since the start of the year. Natural gas on average in Europe is increasing by more than 51%, which means an increase of 10.7 points since the beginning of 2022. Liquid fuel prices jumped more than 45% and electricity rose 30%.
Spain was the first to increase its debt
According to the international database Statista, the debt of European governments has increased significantly during the coronavirus pandemic. In particular, in Spain, which occupies a negative place in the list of increases, it rose by 26.3%. It is followed by Italy with a growth of 21%, and in third place is Greece with a growth of 20%.
Increasing mining
Total electricity generation in OECD countries in May 2022 was 864.1 TWh, up 3.6% from May 2021. Of these, 48.3% are fossil fuels, 36.2% are RES and 15.2% are nuclear energy. Fossil fuel production increased by 7.2%, renewable energy by 5.4% (photovoltaic +21.5%, wind +9.3%), while nuclear energy decreased by 8.6%.
Greece can rely on renewable energy
According to the International Energy Agency, Germany and Italy are two European countries that are heavily dependent on Russia for electricity generation (45 TWh and 58 TWh respectively). In Austria, Hungary and Greece, replacement by renewable energy sources in the next two years covers part of the production.
Climate funds are scarce
The lack of investment to combat the climate crisis that is affecting the entire planet is enormous. The amount of investment to raise global temperatures to 1.5°C is estimated at $3-6 trillion a year by 2050, compared to $630 billion a year spent today.
Research – Analysis: Prof. Giannis Maniatis
With the help of graduate studentsCast: Ilias Verroiou, Efthymi Liapatis, Panagiotis Koutras
Source: Kathimerini
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