IEA Sees Potential Shift Toward Lower-Carbon World Amid Energy Crisis

October 28, 2002--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--While there are quarrels over the origin of the phrase, "In danger is opportunity," nothing demonstrates the validity of the saying like today's global energy markets. As much of the world was focused on making a transition to lower-carbon fuels, Russia invaded Ukraine earlier this year, upending plans and scrambling the world's energy ecosystem. In its signature annual report, World Energy Outlook (WEO), the International Energy Agency (IEA) (Paris, France) sees opportunities in the current energy crisis, even as Europe pays exorbitant prices for natural gas, electricity and transportation fuels -- a situation likely to get worse before it gets better when the European Union's (EU) embargo on Russian fossil fuels goes into effect in December.