We need to pull together and speed up the green and sustainable transition. Even more so now that the Russian war in Ukraine is having global ripple effects. It has sent food, energy and commodity prices soaring across the world. In Germany, the year-ahead price for electricity reached a high record at the end of August.
Prices briefly rose to 1,000 euro per megawatt hour. Before the war, they rarely rose above 100 euro. Overall, the World Bank expects global energy prices to increase by 50 percent on average in 2022. [3] And, in a recent analysis, the World Bank estimated that the energy shock could lower global output by almost 1 percent by the end of 2023.