The consequences of the 2022 Russian invasion of Ukraine have been multiple and interrelated. The war triggered a spike in fuel prices and a jump in bond yields. It also signalled an accelerated slippage in national net-zero ambitions as governments scrambled to extend the life of their domestic fossil fuel industries. In many nations, the urgency of meeting energy security ambitions has outweighed the importance of reaching a long-term carbon reduction target.

To reach net-zero carbon targets on