For years, Europe could afford to treat the energy transition primarily as a question of sustainability. A cheap and relatively secure gas supply meant the economics and security of energy could largely be taken for granted. Russia’s invasion of Ukraine changed that equation.
“Before the Russia-Ukraine war, the security of gas coming in and the cost of using it was so low; the risk was just not there,” says Anant Maheshwari, president of strategy and global regions at the $66 billion market cap industrial automation company Honeywell Technologies. “Now, it may not be available, and if it is available, it’s at a high cost.”
