Russia¡¯s war in Ukraine has Europe bracing for a tough winter, but the costs are piling up higher in emerging nations as governments struggle to keep energy flowing to citizens hit by surging inflation.
Pakistan¡¯s government is triggering rolling blackouts and boosting power bills because it can no longer secure enough fuel. Shops in Bangladesh are closing at 8 p.m. as part of energy austerity measures, while Mexico¡¯s government has bolstered subsidies to cushion residential electricity costs.
The crunch comes at a particularly difficult time: The global shift to cleaner energy sources meant developed economies weren¡¯t investing in efforts to boost fossil fuel production, while poorer nations were being pressed to adopt cleaner-burning natural gas. Now, with gas prices more than 150% higher since the Russian invasion in February, and wealthier nations able to pay more to ensure adequate supplies, emerging nations can¡¯t compete.
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