The writer is professor of sustainable finance at Heriot-Watt University
After Russia began its full-scale military invasion of Ukraine in February 2022, European governments scoured their budgets and borrowing options for funding sources to support Ukraine’s war effort. For most, it was an uphill struggle.
Russia had cut off natural gas supplies to Europe shortly after invading, seeking to discourage countries from supporting Ukraine. As a result, natural gas prices skyrocketed, putting severe financial strain on many companies and households. From a consumer perspective, the effect of the high energy prices was equivalent to the abrupt levying of a very high carbon tax.
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