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Russia profits from Greta

Russia, the world’s biggest gas producer after America, owes Greta Thunberg a debt of gratitude for her role in sky-high gas prices.

Russia’s state-owned energy giant Gazprom supplies around 35% of Europe’s gas requirements, which means its export revenues could be set to soar.

UK wholesale gas prices retreated from record highs after Russia confirmed it was boosting supplies to the continent. The move was a show of Putin’s relative strength amid the chaos in Europe.

"When Putin's promises help calm the storm of rising prices which was pummelling financial markets, it's clear investors are desperate for any gust of good news blowing in," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

The causes of the gas shortage in Europe are multi-faceted, including raised global demand on the back of the pandemic.

But, how did Greta Thunberg, the Swedish environmental activist, play a role in gas shortages causing energy prices to reach record levels?

Another key reason for raised prices is Europe’s eagerness to transition towards the more politically palatable renewable sources of energy, championed voraciously by Thunberg et al.

The move has made the continent vulnerable to non-favourable weather conditions, highlighting the limits of renewables in more temperate regions on earth.

As a result of radical environmentalists getting their way, politicians across Europe have been left scrambling to be seen to do something to fix the respective crises in their nations.

European politicians will now have to find a balance between the possibility of sustained price rises, unhappy citizens and their longer-term goals of decarbonising.

In the meantime, Putin will be rubbing his hands together at the prospect of benefiting economically and geo-politically from higher gas prices, and he has Greta Thunberg to thank.

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