“The World Still Runs on Fossil Fuels: Much of the world’s energy investment has been dominated by renewables in recent years, but if we’ve learned anything in the past few weeks it’s this: The world still runs on fossil fuels. From shampoo and smartphones to tires and toothpaste—oil and its derivative chemicals (“petrochemicals”) are the building blocks behind basically every material and product out there. Same with natural gas and agricultural fertilizer (and, thus, global food supplies). Perhaps less appreciated too is the relationship between fossil fuels and energyintensive supply chains of a wide range of technological inputs and infrastructure (semiconductors, electric vehicles (EV) batteries, data centers, etc.). Markets in Europe and Asia tend to be more vulnerable, but the inconvenient truth is that oil and gas, and its many derivatives, fuel global growth. Growth estimates for this year have yet to be marked down, but the longer the conflict lasts, the greater the risk to global growth and earnings estimates.” Læs hele analysen her.
Morten W. Langer
