Russian President Vladimir Putin said on Wednesday that Russia was willing to assist in resolving Europe’s energy crisis. He added that Russia was not using gas as a weapon, in an emergency summit called by European Union in Moscow, to tackle the hike in prices.
Demand for energy increased rapidly as economies started to recover from the Covid-19 pandemic. It resulted in driving up oil, gas, and coal prices, increasing inflationary pressures and weakening efforts to fight against global warming.
China increased coal production and imports as local coal prices reached new highs. It is the world’s second-largest economy and the largest emitter of greenhouse gases.
The energy crisis emphasised the International Energy Agency’s (IEA) request for tripling renewable energy investment to stabilise markets and combat climate change, which was issued on Wednesday.
Putin said the gas market was neither balanced nor predictable, particularly in Europe. He mentioned that Russia was honouring its contractual responsibilities to provide clients and was ready to increase supplies if needed.