Energy, in any form, is subject to the laws of thermodynamics. The First Law of Thermodynamics says energy cannot be created nor destroyed and that the amount of energy in the universe is a constant. The Second Law of Thermodynamics says that all any physical systems trend towards disorder (entropy).
Expected to account for nearly all of the growth in primary energy demand, China, India, and other developing countries are critical to the transition. However, developments in the United States and Europe will also be significant and help pave the way for further efficiency improvements and driving reduction in the costs of these technologies.
Gazprom’s response to what it saw as an adverse February 28 ruling by an arbitration court in Stockholm, effectively ordering the Russian gas giant to pay $2.64 billion to Ukraine’s national gas company, Naftogaz, was unexpected. Not only did Gazprom cut off its limited direct supply of gas to Ukraine—gas that Ukraine already paid for—on March 1, but Gazprom Chairman Alexei Miller stated the following day that supplies transiting through Ukraine to customers in central Europe were also being terminated.
The need for such engagement is even more crucial given the level of activity over the last three months.
Timing of New Electric Investment
Some estimates suggest the number of electric vehicles on the road, currently around one million globally, could approach 24.4 million by 2030. To produce the high volume of electric vehicles that is projected, existing automobile manufacturing plants will have to be converted to produce electric vehicles or new production factories will need to be built.
Such growth in the EV fleet will require a significant expansion of battery production, specifically of Lithium-ion batteries. Although several types of Lithium-ion batteries can be used in EVs, they all contain lithium, cobalt, and nickel, metals which can carry significant supply and price risks.