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Zelensky’s urgent solution for bringing peace is to dismantle Russia’s fossil fuel war chest – London Business News | London Wallet

Philip Roth by Philip Roth
September 25, 2024
in UK
Zelensky’s urgent solution for bringing peace is to dismantle Russia’s fossil fuel war chest – London Business News | London Wallet
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As President Zelenskyy visits Washington this week, Ukrainian high-impact climate advocacy group Razom We Stand calls on global leaders, especially the United States, to recognize that ending Russia’s war against Ukraine requires cutting off the Kremlin’s primary source of revenue—fossil fuels.

Drying up Russia’s war chest, built on the profits from its dirty energy empire, is essential to ensuring Ukraine’s freedom and securing lasting peace.

Razom We Stand believes this can be achieved by further sanctioning Russian fossil fuel exports and investing in Ukraine’s renewable energy rebuilding.

Since the beginning of the war, Russia has earned over 820 billion dollars in revenue from fossil fuel exports. Although increased US sanctions have successfully blocked many Russian LNG exports, more must be done.

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We call on the US and its allies to target additional LNG carriers and energy infrastructure tied to Russia’s energy empire that funds the bombs dropped on Ukraine daily, including vessels linked to Novatek and Gazprom.

Addressing the escalating risk from Russia’s expanding shadow fleet, which exports LNG and oil, is critical. These actions are vital to cutting off the financial lifelines fueling Russia’s war machine.

This week, President Zelenskyy addressed the Future Summit at the UN and spoke at the UN Security Council. He will continue his efforts today when he addresses the UN General Assembly meetings.

Svitlana Romanko, Founder and Executive Director of Razom We Stand, said, “President Zelenskyy’s trip to Washington this week is a pivotal moment for Ukraine and the global community. To truly win this war and secure Ukraine’s freedom, we must dismantle Russia’s war chest, which is largely funded by fossil fuels.

“By intensifying sanctions on Russia’s energy exports and investing in Ukraine’s renewable energy future, the U.S. can play a critical role in not only weakening the Kremlin’s war machine but also advancing the global clean energy transition. This partnership would strengthen energy security, create economic opportunities, and showcase leadership in the fight against climate change.”

Clean energy can be a tool for Ukraine’s recovery and a strategic weapon to dismantle Russia’s fossil fuel dominance. Energy experts have noted that it is significantly harder for an adversary to disable a solar installation or wind farm’s dispersed turbines than incapacitating a conventional power plant.

The US is already experiencing the economic impacts of climate change, with the National Centers for Environmental Information (NCEI) reporting that weather and climate disasters since 1980 exceeded $2,7 trillion. Supporting a Ukrainian renewable energy revolution also helps mitigate the worst effects of climate disruption, saving trillions of dollars and countless lives in the long run through avoided climate-related damages.

As the U.S. clean energy sector continues to grow, with job growth in the industry rising to 4.1% and now employing over 3.3 million workers, collaboration with Ukraine could leverage this skilled workforce and create joint renewable energy projects. Such efforts would lower production costs for both nations, boost economic growth, accelerate the global transition to clean energy and improve global energy security.

Right now, China is the central actor in global supply chains for clean energy technologies. The US should be doing everything in its power to lead this sector, as it represents not only a path to future economic prosperity for retrained working—and middle-class people but also an avenue for the United States to build an edge over China, which has been well documented as using forced labour to keep solar prices artificially low.

The U.S. can seize this moment by expanding its leadership in the global energy transition. As Former Senior Advisor to the President of the United States,  Brian Deese recently stated, a new Clean Energy Marshall Plan would benefit not only the U.S. renewable energy industry but also US developing country partners like Ukraine’s rebuilding efforts by supporting the adoption of innovative technologies like solar, wind and battery storage.

Together, the U.S. and Ukraine can create a resilient, sustainable energy system that weakens Russia’s influence and strengthens global energy security.

Razom We Stand is a Ukrainian high-impact climate advocacy group. It calls for a total and permanent embargo on Russian fossil fuels and an immediate end to all investment in Russian oil and gas companie by phasing out fossil fuels globally.



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