The crisis in Ukraine is re-ordering the world’s energy market, as Western countries look for natural gas in the Middle East instead of Russia. Europe, in particular, is looking for new sources of energy. Europe was the largest importer of Russian gas before the Ukraine conflict — it accounted for 76% of Russian natural gas exports last year. Now those exports are going to Asia, including countries like India and China.

As winter grows increasingly cold and heating bills hit record highs, the EU is relying on imports of liquified natural gas (LNG) from the U.S., Qatar and Nigeria. The U.S. almost doubled its export volume of LNG to the EU, compared to last year. Qatar is prepared to expand LNG production — the $30 billion North Field Expansion will tap one of the world’s largest natural gas fields in the Persian Gulf. The project is designed to increase Qatar’s natural gas production from 77 million tons per year to 110 million tons per year in 2026.

In the long term, Qatar plans to produce 126 million tons per year by 2027, or one-third of the global LNG market. But those exports are not necessarily bound for Europe. Qatar has signed partnerships with companies in China, India, Japan and South Korea — as well as five of the West’s largest oil and gas companies. 

Container shipping has had a lucrative few years, but its profits may have peaked now that pandemic disruptions are over, reports Quartz. During the pandemic, shipping companies were able to charge more amid high demand, and the sector hit a high of $64 billion in the second quarter of this year, the seventh consecutive quarter with record profits. 

That high ended in the third quarter, as profits dipped to $59 billion. Industry analysts predict a continued downward trend, as port and supply chain blockages and fuel prices ease. Some experts predict that profits will fall as much as 70% for some carriers in the fourth quarter. Ocean freight rates for cargo from China to the U.S. West Coast have already dropped 90% since last year. 

The growth in fossil fuel emissions is slowing down worldwide as countries make some progress in the fight against climate change. The rate of increase in global CO2 emissions has slowed from 3% per year in the 2000s to 0.5% per year in the last decade, reports the Global Carbon Project. 

Part of the decline is due to a change in the global economy, in which GDP growth is less energy intensive — and therefore produces less carbon emissions (e.g., economies that move from manufacturing to services). In the last decade, 24 countries have decreased their carbon emissions while growing their economies, including countries across Europe, the Americas and Asia. Less-developed countries are also producing less carbon emissions as they use fossil fuels more efficiently than countries in the past. For example, India and Vietnam are greener than China, even though they are primarily powered by coal. 

Another factor is an increased use of renewable energy and electric vehicles, according to the International Energy Agency. Solar and wind power were the leading sources of renewable energy and grew faster than any other energy source in 2022. But global coal use is also expected to increase, led by demand in Asia and countries looking for alternatives to high natural gas prices.